Thursday, 22 July 2021 12:35

Oracle Cloud Infrastructure selected by Thomson Reuters Onesource tax


Thomson Reuters has announced it is rolling out its global indirect tax software, Onesource, on 30 Oracle cloud regions including Sydney and Melbourne so clients know exactly where their data is being processed.

Onesource provides businesses - from small organisations to multinationals - a single unified tax and trade engine that automates the continually evolving tax landscape. It can tackle the simplest through the most complex transactional tax calculations.

As your enterprise business grows, calculating, collecting, and reporting for global indirect tax purposes gets more complicated. You need to accurately report on value-added tax (VAT), goods and services tax (GST), and sales and use tax – no matter how often the rates change. You also need to plan responses to market disruptors like changing economic nexus rules and tax regulation.

Thomson Reuters built its application using the Oracle Autonomous Database, and on top of Oracle Cloud Infrastructure (OCI). The 30 global Oracle cloud regions selected are close to Thomson Reuters' locations and provide customers confidence and assurance around data sovereignty requirements.

Thomson Reuters explains it selected OCI for its security, high availability, and superior price-performance, meaning customers can automate their transactions without capacity constraints. Thomson Reuters leveraged the Oracle Cloud Lift Services program, which provided hands-on expertise, technical tools, and cloud engineering resources at no additional cost, accelerating their cloud-native tax app development.

Oracle and Thomson Reuters will jointly market and co-sell Onesource and other cloud-native solutions in an alliance that expands Thomson Reuters’ existing global footprint.

“We are excited to bring our cloud offering for Onesource Indirect Tax Determination to the Oracle Cloud Infrastructure and begin a robust collaboration with Oracle,” said Sunil Pandita, president of Corporates, Thomson Reuters. “Our customers will continue to receive unmatched data accuracy in more than 56,000 global taxing jurisdictions, along with the cloud security imperative to any technology solution. We’re happy to run our next-generation indirect tax application natively on OCI and open up our indirect tax determination engine to Oracle customers worldwide.” 

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David M Williams

David has been computing since 1984 where he instantly gravitated to the family Commodore 64. He completed a Bachelor of Computer Science degree from 1990 to 1992, commencing full-time employment as a systems analyst at the end of that year. David subsequently worked as a UNIX Systems Manager, Asia-Pacific technical specialist for an international software company, Business Analyst, IT Manager, and other roles. David has been the Chief Information Officer for national public companies since 2007, delivering IT knowledge and business acumen, seeking to transform the industries within which he works. David is also involved in the user group community, the Australian Computer Society technical advisory boards, and education.

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