|
|
|
|
|
NEW YORK, Nov 15, 2012 - (ACN Newswire) - Worldwide, there were 62 percent more indirect tax changes in the third quarter of 2012 than there were during the same period in 2011, according to the latest ONESOURCE Indirect Tax rate report from Thomson Reuters.
There were 525 tax code changes in Q3 2012, compared with 324 in Q3 2011. This includes 146 U.S. changes in Q3 2012, compared with 202 in Q3 2011. In the rest of the world, there were 379 international indirect tax code changes, up 310 percent from 122 in Q3 2011.
"We are seeing an increase in both the number of taxes and the complexity of tax laws outside of the U.S., which is making it more difficult for global companies to keep up with changing tax rates and regulations," said Carla Yrjanson, vice president of tax research and content at Thomson Reuters. "As a result, many global companies are putting best practices and technology in place to ensure they achieve compliance in a cost effective manner."
The quarterly ONESOURCE Indirect Tax rate report summarizes changes in sales, use and value added taxes (VAT) - providing a high-level look at information that is incorporated monthly in detail in Thomson Reuters' ONESOURCE Indirect Tax global software suite. Thomson Reuters' in-house tax experts monitor changes in tax laws for over 175 countries. Highlights from the global Q3 2012 report released today include:
-- Sixty-nine state, county, city and transit sales tax increases were implemented in the U.S., compared with 97 in Q3 2011.
-- There were 20 VAT increases globally, up from 14 in Q3 2011.
-- In the U.S., the average state sales tax remained the same at 5.48 percent in Q3 2012.
-- Spain increased its standard and reduced VAT rates from 18 percent and 8 percent to 21 percent and 10 percent.
-- In China, Beijing joined the VAT Pilot program in September.
-- Two Indian states increased their standard rates. In Kamataka, rates rose from 14 percent and 5 percent to 14.5 percent and 5.5 percent. In Punjab, they rose from 12.5 percent and 5 percent to 13.5 percent and 5.5 percent.
To download the full report, go to:
http://onesource.thomsonreuters.com/share/solutions/41686/61389/Q3_2012_SUT_and_VAT_Report1.pdf
About Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs approximately 60,000 people and operates in over 100 countries. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges (symbol: TRI). For more information, go to www.thomsonreuters.com .
CONTACT
Aimee Quemuel
+1-415-753-9005
mailto:aimee@codeycommunications.com
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Thomson Reuters Corporation via Thomson Reuters ONE
Topic: Press release summary
Source: Thomson Reuters
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
