Changes are on the horizon for VAT rates in Europe and HST rates in Canada – is your Expense Solution set up to support the most efficient VAT reporting and recovery?
With DATABASICS, you may have already made changes using the “Effective Date” feature. Just to make sure your rates will be up-to-date, below is a list of upcoming changes in European and Canadian rates. Please feel free to contact us for any questions or additional information.
2016-2017 Changes for EU VAT Rates & HST Rates in Canada:
|Country||Rate Type||Old Rate||New Rate||Effective Date||Notes|
|HST||13%||15%||Jul. 1, 2016||– – –|
|India – Bihar||Standard||13.5%||14.5%||Jan. 28, 2016||– – –|
|India – Rajasthan||Standard||5%||5.5%||Feb. 1, 2016||– – –|
|Italy||Standard||22%||24%||Jan. 1, 2017||– – –|
|Italy||Reduced||10%||13%||Jan. 1, 2017||– – –|
|Portugal||Reclassification||23%||13%||Jul. 1, 2016||Meal items, excluding alcohol
and soft drinks - Proposed change
|Romania||Standard||20%||19%||Jan. 1, 2017||Proposed change|
As the world constantly changes, both political and economic events can prompt VAT and other consumption tax changes, with DATABASICS you can stay on top of individual country’s requirements for reporting and recovery according to your company policy.
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If you’re not currently taking advantage of DATABASICS for VAT Recovery, contact us at 1 (800) 599-0434 to review any requirements and available solutions.
DATABASICS provides cloud-based, next generation Expense Reporting, P-Card Management, Timesheet & Leave Management, and Invoice Processing automation. Specializing in meeting the most rigorous requirements, DATABASICS offers the highest level of service to its customers around the world.
DATABASICS is relied upon by leading organizations representing all the major sectors of the global economy: financial services, healthcare, manufacturing, research, retail, engineering, non-profits/NGOs, technology, federal contractors, and other sectors.