Tax compliance complexities in the EU
For companies operating in the European Union, compliance processes have always been tricky. Organizations are expected to comply with all the rules and regulations laid down by the EU while also ensuring that local state laws are abided by. Local state legislation of all 28 states tend to differ with regard to the frequency of reporting obligations, exemption limits etc. The EU is currently revamping its tax and compliance laws to incorporate e-filing and e-reporting of taxes. Most tax authorities are moving towards greater tax transparency and adopting more digitized reporting mechanisms. The SAF-T (Standard Audit File for tax), Digital Service Tax, SII and the UK’s Making Tax Digital (MTD) are all ongoing implementations in this regard.
Collect structured and unstructured data by leveraging intelligence and automation
Generate a complete tax entry with a structured user workflow and a formal review
Report with accuracy, and flexibility, customizable for all jurisdictions
Speed up financial close with ONESOURCE
Thomson Reuters ONESOURCE™ Tax Provision helps tax departments review provisions faster than ever and analyze data in seconds. Instead of entering data multiple times, users can easily transition data from provision to other direct tax obligations.
What ONESOURCE Tax Provision software has to offer:
Filter data to focus on relevant subsets, and drill down from consolidated amounts to the supporting detail in two clicks.
A dashboard for you to see all tax provision results and compare the calculated values with the entries behind them.
Eliminate duplication of work as you access all applications on a central dashboard.
Gather data quickly and consolidate it in a secure, controlled, and auditable environment. This equips you with the data needed for tax provision.
Thomsons Reuters’ patented tax calculation engine with its filtering, sorting, grouping and drill-down capabilities produce real-time intelligence that reduces the risk of manual error.
Choose from a variety of reporting formats to meet requirements by internal and external auditors, and the management team.
Learn how ONESOURCE can transform your tax functions
Tax reporting in the group was already well developed and we were totally involved in tax provisioning. However, now we are using the ONESOURCE Tax Provision solution, it is possible to manage the whole group more efficiently
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