Thomson Reuters Launches Cloud Solution to Automate Oil & Gas Sales, Use and Excise Tax

Thomson Reuters has launched ONESOURCE Determination for Oil & Gas to help tax professionals in all segments of the oil and gas industry automate their complex motor fuel tax determination and calculation requirements. ONESOURCE Determination for Oil & Gas automates the complexities of the oil and gas industry at every stage, including exploration and production, refining and marketing, and for fully-integrated operations.

“U.S. Oil & Gas tax departments are faced with complex determination and calculation requirements. They are forced to dedicate time- and cost-intensive resources to avoid over-payment and costly audit-related interest and penalties,” said Chris Carlstead, managing director, Indirect and Property Tax, Thomson Reuters. “This no longer has to be a manual process. ONESOURCE Determination for Oil & Gas alleviates tax professionals’ sales, use and excise tax burden with the most robust upstream, midstream and downstream tax content coverage.”

The solution features intelligent tax calculation with automation powered by the engine design of ONESOURCE Determination. The engine logic takes into consideration many variables to automatically and accurately determine motor fuels excise tax, including origin and type, destination and type, buyer/seller licensure, transaction type, movement or sale of the product, mode of transportation, title transfer location, and location of taxation, to determine taxability or exemption.

ONESOURCE Determination for Oil and Gas provides expanded content for products, licenses and services specific to the oil and gas industry. The solution’s comprehensive, trusted tax content is supported by Thomson Reuters’ industry-leading, in-house Oil and Gas Tax Content Research Team. The team has over 30 years of industry experience and will continue to maintain up-to-date rates, rules, taxability and jurisdictional tax scheme changes via the SSAE 18 certified compliant research and content model.

ONESOURCE Determination for Oil & Gas is a cloud-based solution that will seamlessly integrate with numerous ERP and financial systems. The solution enables oil and gas companies to alleviate pressure on IT, reduce technology costs, scale easily, and have the tax intelligence of ONESOURCE connected to any system, anywhere.

For more information about ONESOURCE Determination for Oil & Gas, visit https://www.thomsonreuters.com/en/products-services/energy.html.

Thomson Reuters

Thomson Reuters is the world’s leading provider of news and information-based tools to professionals. Our worldwide network of journalists and specialist editors keep customers up to speed on global developments, with a particular focus on legal, regulatory and tax changes. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. For more information on Thomson Reuters, visit tr.com and for the latest world news, reuters.com.