Thomson Reuters Launches Enhanced AI Solutions for Corporate Tax and Trade, Driving Intelligent Compliance and Strategic Growth

Thomson Reuters (TSX/Nasdaq: TRI), a global content and technology company, announced three transformative AI innovations in its ONESOURCE platform. Spanning corporate tax and trade, the new offerings include: AI-powered Indirect Tax Product Classification, Tax Regulatory Insights for Direct Tax and Global Classification AI for our trade customers. These launches underscore Thomson Reuters commitment to helping businesses mitigate risk and unlock strategic opportunities. Powered by secure, domain-specific generative artificial intelligence and enriched by Thomson Reuters trusted human-curated content, these tools deliver highly accurate results tailored for corporate tax and accounting professionals.

“In today’s dynamic business environment, corporations face increasing pressure to manage vast and intricate tax and trade compliance obligations while simultaneously seeking avenues for growth,” said Laura Clayton McDonnell, President of Corporates at Thomson Reuters. “Our latest solutions are designed to transform compliance from a challenging necessity into a strategic advantage, enabling our customers to operate with greater accuracy, efficiency, and confidence.”

Central to these product innovations is Product Classification, now automated by AI, adding new capabilities in ONESOURCE Determination for our Indirect Tax customers. This solution completely automates product classification by harnessing generative AI and Thomson Reuters proprietary content, allowing ONESOURCE Determination users to classify products and services more quickly and accurately. This is a crucial step for ensuring precise indirect tax determination and calculation, facilitating smooth e-invoice processing, and minimizing errors in downstream reporting.

For corporate tax teams managing extensive product portfolios, ONESOURCE Determination with automated Product Classification transforms classification from a compliance burden into a strategic accelerator, providing the accuracy and speed modern businesses demand. Manual product classification can be slow, prone to errors, and costly, particularly for companies with large and complex catalogs. ONESOURCE addresses these challenges by automating the process, offering higher accuracy, improved operational efficiency, and faster return on investment through expedited bulk classifications. For instance, hundreds of records can be classified in just minutes , with smaller batches processing even faster.

Additionally, Thomson Reuters has introduced ONESOURCE Tax Regulatory Insights, an AI-driven solution designed to keep tax departments and accounting firms informed about changes in tax regulations across various jurisdictions. This tool can be accessed directly in the ONESOURCE Income Tax platform and integrates Thomson Reuters Checkpoint’s tax and regulation news with ONESOURCE to provide personalized alerts and contextual insights. This empowers tax professionals to ensure compliance, optimize tax strategies, and enhance decision-making by focusing on the most relevant areas impacted by new tax laws.

“We recognize that corporate tax and trade professionals need solutions that are not only powerful but also seamlessly integrated into their daily workflows,” said Ray Grove, Head of Product, Corporate Tax and Trade at Thomson Reuters. “Our intelligent compliance approach ensures our solutions are Embedded, Connected and Intelligent – embedded directly within existing systems, connected to break down traditional information silos, and intelligent using advanced, contextual AI. This holistic approach empowers our customers to make smarter, faster decisions and drive growth.”

In the Global Trade compliance space, Thomson Reuters is introducing ONESOURCE Global Classification AI solution - an AI-powered set of features that operates within the existing Global Classification solution in order to transform business processes around the global Harmonized System (HS) classification process, to eliminate the busywork and uncertainty of this extremely complex process while putting the most impactful classification decisions immediately and effortlessly into the hands of the expert professionals best equipped to make them.

Powered by deep proprietary content, this enhancement utilizes configurable machine learning, large language models, to standardize product data by identifying patterns in product descriptions, streamline research with enhanced Harmonized Schedules, build audit-ready classification rationales, and update changes to the HS Code, tariffs, and other related data.

These innovations highlight Thomson Reuters unique ability to combine deep domain expertise, trusted content, and proven AI capabilities to solve complex compliance problems for corporate customers, ensuring resilience, agility, and a competitive edge in an ever-evolving market.

Thomson Reuters

Thomson Reuters (TSX/NASDAQ: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions and help institutions pursue justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit tr.com.