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Germany Value Added Tax rates from July 1 to December 31, 2020.

edited Jun 17, 2020 6:31PM in Accounting / ERP 3 comments

Germany has a  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%.

As part of this change should i just rename current Standard and reduced rate to create new codes to accommodate this change OR in addition i also need to rename Reverse charge, Zero Rate codes and create them as well even though there is no change of rates for these codes. ?

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