Richard Cornelisse

THOMSON REUTERS REPORT: NUMBER OF GLOBAL INDIRECT TAX CHANGES INCREASES 62 PERCENT IN Q3

In Tax News on 19/11/2012 at 3:53 pm

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 full report

Read more: Thomson Reuters | Global Indirect Tax Changes Up 62 Percent in Q3.

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