Their combined offering will support the mission critical systems of Japanese MNCs in accurately determining, recording and reporting transactional taxes.
Under this agreement, NEC will combine the international award-winning ONESOURCE Indirect Tax™ solution from Thomson Reuters with its Enterprise Resource Planning (ERP) solutions as a robust offering to Japanese companies with global operations.
Thomson Reuters ONESOURCE™ suite was recognised as a leader in innovating corporate tax technology by leading tax news and analysis publication International Tax Review and named "America's Tax Innovator of the Year" consecutively in 2012 and 2013.
ONESOURCE Indirect Tax enables companies to practically eliminate the effort associated with maintaining ERP systems based on frequently changing domestic and international tax rules and regulations. The solution allows changes to be applied quickly without the typical burden to IT, thereby reducing company costs and strengthening global governance and internal controls. More than 600 top global companies have benefitted from ONESOURCE Indirect Tax.
ONESOURCE Indirect Tax provides customers with the following benefits:
• Integrates 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.
"NEC is very pleased to be working with Thomson Reuters. We recognise the importance of effectively navigating complex international tax laws for a wide variety of customers who are expanding business throughout the world," said Yutaka Noguchi, general manager, Global Products and Services Development Division, NEC. "This solution helps to prevent both fraud and errors by strengthening companies' accounting governance and protecting them against insufficient handling of tax matters that can result in overpayment and penalties related to back taxes. Moreover, the solution helps companies to eliminate wasteful expenditures by reducing costs associated with tax law operations and system maintenance. This collaboration reinforces our support for customers who are expanding globally by combining the value of NEC's global solution strength centred on SAP with ONESOURCE Indirect Tax."
"We are pleased to partner with NEC, one of Japan's leading systems integrators. NEC's trusted global reputation and resource scalability combined with our international award-winning ONESOURCE suite of tax software solutions provide a robust solution for Japanese multinational corporations to help optimise their tax operations in today's global business environment," said JaeSon Kim, vice president, Tax & Accounting, Asia, Thomson Reuters. "ONESOURCE Indirect Tax can support Japanese companies seeking to increase their compliance and lower the operating costs of global operations, including complex jurisdictions such as the US, Brazil and the European Union."
Indirect tax is levied by the government on consumption and expenditure including some stage of the production-distribution process, but not on income or property.
About NEC Corporation
NEC Corporation (nec.com) is a leader in the integration of IT and network technologies that benefit businesses and people around the world. By providing a combination of products and solutions that cross utilize the company's experience and global resources, NEC's advanced technologies meet the complex and ever-changing needs of its customers. NEC brings more than 100 years of expertise in technological innovation to empower people, businesses and society.
About Thomson Reuters
Thomson Reuters (thomsonreuters.com) is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organisation. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges.