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SuiteTax Update for Germany VAT Rate Changes

edited Jun 11, 2020 9:27PM in Announcements

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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