Smooth transition for ONESOURCE Indirect Tax Determination clients
Thomson Reuters today announced the delivery of new International Content for the ONESOURCE Indirect Tax Determination solution relating to VAT changes based on a directive by the Greek government. The standard VAT rate of 23% will be applicable on a range of products and services, including food served in restaurants, which were previously subject to 13% rate and takes effect as part of a bailout package demanded by Greek creditors. Along with the increase, the super reduced rate was decreased from 6.5% to 6% on products such as; newspapers, books, and numerous medical products and vaccinations.
The VAT changes were delivered automatically to all ONESOURCE Indirect Tax Determination clients ahead of the rate change. Thomson Reuters tax experts maintain the broadest and deepest coverage of indirect tax data and their expertise allows companies that operate in more than one country or region, to keep up with these changes. Severe financial penalties and interest are often a reality for multinational companies that fail to comply on time or use out-of-date tax codes and content to determine their rate of tax.
ONESOURCE Indirect Tax Determination provides a unique worldwide solution for the efficient and consistent calculation and recording of indirect tax liability. It is the only patented, fully integrated, end- to-end automation solution for GST, sales, use tax and VAT determination and provides business- critical tax determination using timely tax content for the highest degree of accuracy – from transaction to remittance.
“Our customers need to know that the tax rates being used today are current and totally accurate,” says Laurence Kiddle, managing director, Corporate Markets, EMEA for the Tax & Accounting business of Thomson Reuters. “Our solutions enable businesses to take uncertainty over changing rates and rules in their stride. Global tax research is the critical content piece built into our technology to ensure that our tax determination and compliance solutions use the most up to date tax information and regulatory data supporting rates and rules in over 175 countries.”