Sabrix has announced the latest release of its Application Suite, which is designed to ensure immediate compliance with the recently announced 2.5% reduction to the standard rate of Value Added Tax (VAT) in the UK.
Over two million UK VAT registered businesses are required to make amendments to their systems or risk penalties, interest charges, additional transaction processing time and reconciliation costs. In addition to the immediate changes, businesses will also need to carefully manage the reversion to the old rate on 1 January 2010 as any errors made will lead to a tax loss for the Exchequer.
“Organisations that have already deployed international tax automation solutions are much better equipped to deal with changes like those we’re seeing the UK. The level of effort that is needed to implement tax content changes in existing business systems is quite substantial and businesses that use Sabrix today were able to do overnight what others may still be doing in the weeks to come,” said Michael Camburn, managing director of Ryan International Tax Technology (London), a Sabrix partner.
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