TOKYO - Japanese multinational companies (MNCs) face tough times in the current market, brought about by increased scrutiny, global tax compliance requirements and the depreciation of the Japanese yen. In response to these challenges, many Japanese MNCs are restructuring their business operations in order to minimize their operating costs. Any such business changes must consider the tax impact and the process of complying with complex international tax laws which are constantly changing.
To help Japanese MNCs address these challenges, Thomson Reuters has established its Tax & Accounting business operations in Japan to provide its award-winning ONESOURCE™ suite of tax software and services. Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, aims to help Japanese MNCs simplify their global tax compliance processes, creating a competitive advantage and increasing transparency across the whole finance function.
ONESOURCE 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.
"Establishing a presence in the Japanese market is an important step in our strategic expansion in Asia Pacific. Having a dedicated team of tax, accounting, content and technology experts in Japan will ensure that our customers benefit from local and global expertise", said Charlotte Rushton, managing director, Asia Pacific and EMEA for the Tax & Accounting business of Thomson Reuters.
Governments are increasingly relying on indirect taxes1 to boost overall tax revenues and fund infrastructure spending. Increased global trade means more indirect taxes such as VAT/GST, customs and excise duties. In a global environment characterised by intense competition, Japanese MNCs have to manage the practicalities of doing business in multiple geographical markets with complex tax compliance laws. ONESOURCE Indirect Tax enables Japanese MNCs to achieve high levels of indirect tax compliance across the world, including complicated multi-level tax regimes such as the US, Brazil, Russia and China.
With compliance comes regulatory reporting. Companies have to effectively manage their tax department workflow and drive their tax and compliance reporting processes across their whole operations. To optimize these processes and provide the group tax team with global visibility, comprehensive project and document management solutions such as the web-based ONESOURCE WorkFlow Manager enable companies to improve control and operational efficiency with secure, remote access from anywhere at any time.
"With a proven track record of successfully helping MNCs worldwide with local and global operations, Thomson Reuters understands the stringent tax and accounting needs of Japanese MNCs. We are strongly positioned to support their global activities with tax software and services that function globally, and enable them to maintain accurate and seamless tax compliance," said Tony Kinnear, managing director, ASEAN and North Asia, Thomson Reuters.
For more information about the Thomson Reuters Tax & Accounting business in Japan, visit: https://tax.thomsonreuters.com/japan
Note to Editors: Indirect tax1 is levied by the government on consumption and expenditure including some stage of the production-distribution process, but not on income or property.
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