Media and information firm Thomson Reuters and NEC Corporation have signed an agreement to provide integrated tax solutions to Japanese multinational corporations (MNCs).
Under the agreement, the Japanese IT products and services provider will integrate Thomson Reuter's ONESOURCE Indirect Tax solution with its enterprise resource planning (ERP) solutions.
The combined offering will support the mission critical systems of Japanese MNCs in accurately determining, recording and reporting transactional taxes. "It will prevent both fraud and errors by strengthening companies' accounting governance," said Yutaka Noguchi, NEC's general manager of global products and services development division. "[It will also] protect companies against insufficient handling of tax matters that can result in overpayment and penalties related to back taxes. Moreover, the solution helps companies eliminate wasteful expenditures by reducing costs associated with tax law operations and system maintenance."
Managing ERP made easy
ONESOURCE Indirect Tax minimises the effort needed to maintain ERP systems based on the ever changing domestic and international tax rules and regulations. The solution allows changes to be quickly and easily implemented, thus strengthening the customers' global governance and internal controls.
The benefits of ONESOURCE Indirect Tax include:
- Able to integrate with mission-critical systems on a real-time basis.
- Automatically determines the tax on sales and purchase transactions that cover 178 countries, including cross border logic (SUT: Sales & Use Tax, VAT: Value Added Tax, GST: Goods & Services Tax).
- Automatically delivers changes to certified global tax content, which is monitored, confirmed and updated by the Thomson Reuters global tax research team.
- Minimises loss in time, money and effort from errors due to manual or subjective tax decisions made by non-tax personnel.
- Allows customers to automate the preparation of compliance documentation for 45 countries
- Provides easy access and review of current and historical consolidated tax liability data for compliance processing and audit purposes.
- Allows companies to quickly support additional country expansion plans for their global operations.
According to JaeSon Kim, vice president of tax and accounting at Thomson Reuters, the solution can "support Japanese MNCs seeking to increase compliance and lower the operating costs of global operations."
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