ONESOURCE Corporate Tax

ONESOURCE Corporate Tax is a comprehensive tax management solution that improves the efficiency of tax departments in calculating and submitting their returns and giving the user confidence in the final tax computation. ONESOURCE Corporate Tax provides easy to use features that guide users through the complete process including:

• Warnings are provided should schedule balances not agree to the trial balance and schedule amounts are cross-referenced to the tax computation and ITR14.
• The software also assists the user to identify the disclosure schedules required to be completed for SARS and allows supporting information or documentation to be stored.
• Advanced security features limit access to authorised users and allow for differentiated access to different levels of users.

• Users can use the navigation pane with folders to easily find required schedules, allowing more time to analyse detail.
• Integrated database solution enabling year end or interim tax computations, tax return preparation, deferred tax computation and tax administration.
• Accurate tax information when you need it for internal reporting, year end and tax return calculations and ITR14 preparation.
• Enables SARS ITR14 disclosure requirements and tax legislation changes.

Companies should strongly consider the need to invest in technology to ensure they have the ability to submit accurate and timely corporate tax information. The financial and reputational risks faced by companies from errors or omissions in their tax processes and submissions need to be addressed and managed by a robust tax system. ONESOURCE Corporate Tax solution from Thomson Reuters helps South African companies with SARS tax returns they submit to the South African Revenue Service. Tax in South Africa has become vastly more complex over the past decade and with improved collection and audit capabilities from the tax authorities.

Automation in corporate tax processes is essential due to the increasing complexity of tax regulations and the demand for greater transparency and accuracy. Manual processes are time-consuming and prone to errors, diverting valuable resources from strategic tasks. By automating tax workflows, companies can ensure compliance, reduce risk, and improve efficiency. This allows tax teams to focus on value-adding activities, such as strategic planning and analysis, ultimately driving better business outcomes.