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Thomson Acquires PowerTax New Zealand

Thomson Acquires PowerTax New Zealand

Wellington, New Zealand, 14 January 2008

Thomson Brookers has announced the acquisition today of the New Zealand operations of PowerTax, the tax compliance and reporting software and services business founded by PricewaterhouseCoopers in 2001.

Thomson International Legal & Regulatory (TILR) completed purchase of the Australian PowerTax business from PricewaterhouseCoopers in September 2007.

Thomson Brookers managing director Neil Story said that with the increasing complexity and fast changing nature of New Zealand’s tax legislation, PowerTax has become an essential tool to help tax professionals automate tax processing and improve the speed and accuracy of their calculations.

“This acquisition fits well strategically with Thomson Brookers’ plans for increasing the range of products and services we provide in the New Zealand tax market,” Mr Story said.

“During 2008 Thomson Brookers will also be launching major enhancements to its SMART Tax services. Thomson’s vision is to be the leading provider of information and software solutions to corporate and accounting tax professionals in New Zealand and Australia. PowerTax and the SMART Tax enhancements underpin this vision.”

The PowerTax product suite helps automate and manage the submission of company income tax, fringe benefits tax and trusts tax returns, with the potential for new modules to be added to cover other areas of taxation in future.
Paul Brindle, Managing Director of PowerTax Australia, noted that as a result of the acquisition Thomson was now in a position to offer a fully integrated tax provisions and compliance solution for corporations that have operations in Australia and New Zealand.

PowerTax is now established as a leader in corporate tax compliance software and services among multinationals and large and mid-sized corporations in Australia and New Zealand.

ENDS

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