Thomson Reuters has introduced Indirect Tax Determination Anywhere. The company this week said the platform sits on top of private and public cloud or on-premise applications to provide tax calculations.

The company said the application, gives tax professionals “the power of a tax determination engine at any point of transaction, within any channel.”

Determination was launched in conjunction with the Thomson Reuters Institute’s new2021 Tax Technology Report, Indirect Taxes – Much More than Just a Process, The inaugural product “shows how the growth and complexity of indirect taxes continues to impact compliance and operational efficiency across the global business landscape.”

The company said “Determination Anywhere's proprietary cloud-based technology ensures that tax rates and jurisdictional regulations are current and accurate, enabling reliable tax compliance, a frictionless customer experience and increased revenues for businesses. “

Tax year 2022 adjustments has been published by the Internal Revenue Service. The recently released changes in Revenue Procedure 2021-45 include increases in the standard deduction and the Alternative Minimum Tax exemption amount.

 A 45.6-percent increase in revenue from cloud-based products helped Vertex to cut its loss by more than half for the third quarter ended September. The indirect tax software company also so revenue rise 16 percent year-over-year for the recently reported quarter.