Thomson Reuters has announced the launch of a new tax tool in particular to calculate tax liabilities similar to Superfund sites.
Superfunds are necessarily spaces that the government deems need environmental remediation, so homeowners are expected to take responsibility, either by cleaning themselves or by reimbursing the government for doing so.
Specifically, the new tool is intended to facilitate compliance with the excise and hazardous ingredient tax provisions of the Chemical Superfund, which was approved as a component of the 2021 Infrastructure Bill and will go into effect next July. Under the new tax, only about two hundred chemicals and ingredients will be taxed at twice the rate of the original Superfund tax that expired in 1995.
The new software uses the existing cloud-based ONESOURCE determination product to act as a volumetric tax calculator for the new requirements. The company plans to update the program as more ingredients and chemicals are added to regulations.
“The complexity of the taxes reinstated by the Superfund cannot be overstated,” Sunil Pandita, chairman of Thomson Reuters’ corporate segment, said in a statement. “Most chemical and petrochemical corporations affected by the new law will have to calculate the volume of an evolving list of ingredients in their products and report and pay taxes to the IRS twice a month. Currently, systems are simply not ready and manual processes require even more resources to maintain accuracy and speed. I am proud of Thomson’s ONESOURCE product team at Reuters for temporarily bringing to market a product that is helping corporations comply with the increasingly complex regulatory environment.