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NEW YORK, Apr 27, 2012 - (ACN Newswire) - There were 30 percent fewer indirect tax increases reported globally in the first quarter of 2012 than there were during the same period in 2011, according to the latest ONESOURCE Indirect Tax rate report from Thomson Reuters.
The number of indirect tax increases declined from 154 in Q1 2011 to 107 in Q1 2012. This includes two components:
- The total number of state, county, and city sales tax increases in the U.S. declined from 100 to 90.
- The number of value added tax increases globally dropped from 54 to 17
The quarterly ONESOURCE Indirect Tax rate report summarizes changes in sales, use and value added taxes - providing a high-level look at information incorporated in detail in the Thomson Reuters ONESOURCE Indirect Tax Solutions.
The global Q1 2012 report released today found that:
- In the U.S. - The average state sales tax was 5.48 percent in Q1 2012, down from 5.52 percent in Q1 2011.
- In Europe - France, Ireland, Norway, Hungary, Cyprus, and the Czech Republic raised VAT rates in Q1.
- In Asia - China added a reduced rate for the sale of self-used fixed assets sold in the Shanghai VAT Pilot Region.
Overall, there were 446 changes to indirect tax rates in Q1 2012, down significantly from 2,154 in Q1 2011.
"Global companies had to comply with nearly 450 tax changes this past quarter," said Carla Yrjanson, vice president of tax research and content at Thomson Reuters. "Without the right technology, domain expertise and accurate tax information, a company would find it difficult, if not impossible, to achieve compliance with confidence in a timely fashion."
To download the full report, go to: http://onesource.thomsonreuters.com/solutions/indirect-tax/indirect-tax-rate-reports/ .
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.
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(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
Copyright (c) Thomson Reuters 2012. All rights reserved.
Topic: Press release summary
Source: Thomson Reuters
https://www.acnnewswire.com
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