Thomson Reuters Report: Number of Global Indirect Tax Changes Nearly Quadrupled in Q2, Increasing Taxes on Consumers and Administrative Burden on Business
(Thomson Reuters ONE) -
New York, August 2, 2012 - Worldwide, there were 379 percent more indirect tax
changes in the second 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 1,025 tax code changes in Q2 2012, compared with 270 in Q2 2011. This
includes 109 indirect tax increases, down slightly from 124 in Q2 2011.
"Globally, businesses had to comply with over 1,000 tax changes this past
quarter. That's a huge burden," said Carla Yrjanson, vice president of tax
research and content at Thomson Reuters. "Whether the changes are increases,
decreases or exemptions, the cost to implement them is essentially the same for
businesses. Without the right technology, domain expertise and accurate tax
information at the country and jurisdiction levels, it's difficult to achieve
compliance in a cost effective manner."
The quarterly ONESOURCE Indirect Tax rate report summarizes changes in sales,
use and value added taxes - providing a high-level look at information that is
automatically incorporated monthly in detail in Thomson Reuters' ONESOURCE
Indirect Tax global software suite. Thomson Reuters' in-house indirect tax
research and content experts monitor changes in tax laws for over 175 countries.
Highlights from the global Q2 2012 report released today include:
* The total number of state, county, city and transit sales tax rate increases
in the U.S. declined from 111 in Q2 2011 to 104 in Q2 2012.
* The number of value added tax rate increases globally declined from 13 to
5.
* 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, the VAT rate for Madira, Portugal was increased and Norway ended
its temporary 13 percent reduced rate, which was originally enacted December
31, 2006.
* In Asia, China added a 7 percent rate for the purchase of transportation
services retroactive to January 1, 2009. India increased the standard
serviced tax from 10 percent to 12 percent effective April 1, 2012.
To download the full report, go to:
http://onesource.thomsonreuters.com/share/solutions/41686/61389/Q2_2012_SUT_and_
VAT_Report.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
(415) 753-9005
mailto:aimee(at)codeycommunications.com
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Source: Thomson Reuters Corporation via Thomson Reuters ONE
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Datum: 02.08.2012 - 15:31 Uhr
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News-ID 171326
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