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Avangate Uses Thomson Reuters ONESOURCE Indirect Tax Solution to Help its Customers Comply with Changing Sales Tax Laws such as the Marketplace Fairness Act
New York, July 16, 2013 - Thomson Reuters today announced that Avangate, a provider of commerce solutions for software and information services companies, is leveraging ONESOURCE Indirect Tax to help its customers comply with changing indirect tax laws such as the Marketplace Fairness Act (MFA). Already passed by the Senate and currently in the House, the MFA targets online sales as a new revenue source for government. Most experts agree that taxation of online goods is no longer a question of if, but rather when.
"Whether or not the Marketplace Fairness Act passes, changes to the online sales tax process are inevitable, which will create a compliance burden for companies large and small," said Carla Yrjanson, vice president of tax research & content for indirect tax within Thomson Reuters. "It is also important to keep in mind that in the world of taxes, change often goes hand in hand with the potential for an audit, so business must be prepared."
ONESOURCE Indirect Tax delivers initial tax determination and calculation to final compliance reporting. A team of highly skilled CPAs and legal experts ensure it reflects the most current and widest coverage of global tax rates, rules and requirements. In the US in 2012, businesses had to comply with over 580 indirect tax rate changes spanning over 13,250 jurisdictions and 44,000 different rate/jurisdiction combinations.
Avangate integrates ONESOURCE Indirect Tax into its cloud commerce solutions for software companies of all sizes such as Telestream, Total Defense and Abbyy, so they automatically keep up with changes and state-by-state variations in the taxability of software and information services.
"Our 2,800 software and SaaS customers don't have time to keep up with the ever-changing tax landscape. There are thousands of tax nuances from state to state and even city to city. For example, in California, software downloads are tax exempt, while a CD of that same software is taxable," said Jim Emerich, CFO of Avangate. "By leveraging ONESOURCE, a platform already ensuring that over $1.7 trillion in transaction taxes worldwide are in compliance, Avangate's customers seamlessly achieve indirect tax compliance so they can focus on what they do best: innovating their solutions and selling more software."
About Thomson Reuters
Thomson Reuters 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, science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs approximately 60,000 people and operates in over 100 countries. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges (symbol: TRI). For more information, go to http://thomsonreuters.com
About 2Checkout (now Verifone)
Verifone is the payments architect shaping ecosystems for online and in-person commerce experiences, including everything businesses need – from secure payment devices to eCommerce tools, acquiring services, advanced business insights, and much more. As a global FinTech leader, Verifone powers omni-commerce growth for companies in over 165 countries and is trusted by the world’s best-known brands, small businesses and major financial institutions. The Verifone platform is built on a four-decade history of innovation and uncompromised security, annually managing more than 12B transactions worth over $500B on physical and digital channels.
Verifone’s 2Checkout platform is an all-in-one monetization solution helping clients drive global sales growth across online channels. Its digital services, including global payments, subscription billing, merchandising, taxes, compliance and risk, help clients stay focused on innovating their products while delivering exceptional customer experiences.
Get more information at www.2checkout.com
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