By Michael Foster, Big4.com Blogger

KPMG will purchase a tax-compliance subsidiary of Thomson Reuters for an undisclosed amount.

The subsidiary, Onesource Indirect Tax, specializes in indirect tax compliance and remittance services, and functions in Brazil, Canada, the United Kingdom, and other markets.

The business specializes in analyzing indirect tax issues, which are collected by an intermediary institution and then passed on to a collecting authority. These taxes include sales taxes, value-added taxes, and excise taxes. Onesource offers outsourcing solutions to companies looking to streamline their tax compliance, as well as IT solutions to allow for more precise tracking of indirect taxation expenses and cash flows.

The company manages $24 billion in tax remittances for clients on 1.2 million sales annually, and has maintained a globalized approach to tax management and compliance. Onesource currently serves 87% of the Fortune 100 companies, according to the firm.

KPMG hopes that the Onesource business will augment its current indirect tax services in a “one-stop shop” solution for clients, according to the firm. Currently, KPMG employs over 1,000 people to work in its Global Indirect Tax unit.

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