NEW YORK – Thomson Reuters has announced a partnership with IGEN, provider of a leading motor fuel excise tax compliance solution, to simplify and automate the highly-complex U.S. motor fuel excise tax compliance process as part of a broader strategy to meet the needs of oil and gas companies. The partnership combines the strength of Thomson Reuters ONESOURCE, an industry-leading global corporate tax technology platform that enables tax compliance and reporting in over 190 countries, with the comprehensive U.S. motor fuel excise tax compliance and reporting capabilities of IGEN.
“Oil and gas companies face significantly complex tax challenges pertaining to motor fuel excise taxes in the U.S., including keeping up with new and rapidly-changing rates and compliance requirements at all jurisdiction levels,” said Joe Harpaz, managing director, Corporate segment, for the Tax & Accounting business at Thomson Reuters. “ONESOURCE’s partnership with IGEN has produced the most comprehensive tax calculation-to-compliance solution in the motor fuels excise tax market, making it easier than ever for oil and gas companies to comply with U.S. motor fuel excise taxes at city, county, state and federal levels.”
The partnership enhances the existing capabilities of ONESOURCE to help oil and gas companies accurately determine and calculate complex U.S. fuel taxes covering multiple jurisdictions, products, and tax types, as well as solve complex purchasing and tax accrual issues. Coupled with IGEN’s specialized solutions, which are designed to meet the oil industry’s unique business and reporting needs, customers will achieve greater efficiencies, accuracy, and cost savings in U.S. motor fuel excise tax compliance as well as decreased audit exposure and better tools for streamlining audit defense.
“We are excited to be working with a recognized global leader in the tax industry,” said Mark Duening, CEO of IGEN. “With the combined power of ONESOURCE and IGEN solutions, we can seamlessly address the end-to-end needs of the oil and gas industry. The industry is clamoring for a better, more streamlined way to meet their U.S. motor fuel excise tax challenges, and we are here to deliver it.”
About Thomson Reuters
Thomson Reuters is the world’s leading source of news and information for professional markets. Our customers rely on us to deliver the intelligence, technology and expertise they need to find trusted answers. The business has operated in more than 100 countries for more than 100 years. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. For more information, visit www.thomsonreuters.com.
IGEN provides an industry leading comprehensive and extensible motor fuel excise tax compliance and reporting solution. The IGEN solution allows businesses of any size to take their data, in their format, and feed that information into a powerful suite of tools to cleanse, harmonize, validate and complete their compliance reporting process. For more information, visit www.igentax.com.