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Intelligent Payment Automation version 1.0.3 is now available in the SuiteApp Marketplace. The SuiteApp, powered by BILL, lets you automate payments, manage vendor details, and bank account information within NetSuite. Learn more
SuiteTax Update for Germany VAT Rate Changes
In response to COVID-19, Germany has offered a €130billion stimulus package including a temporary decrease in the Value Added Tax rates from July 1 to December 31, 2020. The standard VAT rate will be reduced from 19% to 16% while reduced VAT rate will also be reduced from 7% to 5%.
SuiteTax users have very little to do system wise and can now reap the benefits of automated monthly tax rate updates!
- Productions accounts
- the SuiteTax Records SuiteApp (ID 239499) will be automatically updated before the end of the month and changes pushed to each account
- Users need not change any tax codes not edit any tax schedules etc as SuiteTax maintains the rate history and does not override anything
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