Latest Questions and Answers form our GCC VAT Webinar

please see: https://www.innovatetax.com/how-will-vat-in-the-gcc-affect-your-erp-solution-questions-and-answers-from-presentation

Oracle India Tax Recovery – Warning on Tax Credits

please follow this link to see our latest new from our new website;

 

https://www.innovatetax.com/india-gst-be-warned-there-is-a-storm-ahead-a-warning-on-gst-recovery

India GSTN GST Registation Number Format

please see this link at our new website

https://www.innovatetax.com/india-gst-registration-number-format-state-pan-form-gst-and-india-state-codes-for-gst

 

How To Recover India GST (CGST, SGST, IGST, UTGST)

Please see our new website for this article;

https://www.innovatetax.com/india-gst-order-to-recover-gst-igst-cgst-sgst-utgst

Sri Lanka finally implement VAT Changes

As of the 1st of November 2016 the VAT rate in Sri Lanka has risen from 11% to 15%. There has been a lot of confusion over the last few years as to what changes the Government were going to make, as they have announced several proposals previously that have fallen though at the eleventh hour see our previous post here – Will Sri Lanka implement an increased VAT rate?. This is one reason why it is essential to have an adaptable and manageable indirect tax solution.

With this standard VAT increase there have also been several other VAT changes implemented. A range of 81 basic foodstuffs and other products are now Zero-rated. These changes fall inline with the monetary programme set out by the IMF.

Croatia VAT Changes

The Croatian Prime Minister has announced plans to reform the tax system. The main changes are being made to Income Tax, Corporate Tax and VAT with smaller changes in the real estate sales taxes, excise duties, and a number of other tax-related laws. These changes are  being implemented in order to ‘establish a stable, sustainable and predictable tax system’.

With regards to the changes to the VAT system. The standard rate will be reduced from 25% to 24%, but they will also be combining the two current reduced rates of 13% and 5% to a single reduced rate of 12%. These are expected to be implemented on the 1st of January 2018.

Businesses will need to make sure that they are ready for these changes to ensure that they are charging the correct VAT especially if they deal with any reduced rate goods or services.

Egypt Ratifies VAT Law

Egypt Ratifies VAT Law

Egypt’s President Abdel Fattah el-Sisi has approved the VAT law completing the ratification procedures needed to bring in the introduction of VAT.

Egypt have been talking about making this change for a while now so for many it is a surprise that is has finally been ratified. This change to a VAT system from their current Sales Tax system will be a big change for Egypt, the bylaws for the new legislation will be issued within 30 days. The rate will come in at 13% for 2016/17 fiscal year then rise 1% to 14% the following year.

One of the governments aims with this VAT law is to increase VAT compliance and decrease Tax evasion. The VAT scheme will be implemented as a traditional VAT scheme where VAT is gathered at every stage of the production chain rather than just as a one-off at the end of the chain as is implemented now. There will still be a list of exempted goods/services.

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Fusion Withholding Tax

Fusion provide two options when configuring Withholding Tax.

Simple Configuration

The simple configuration uses Withholding Tax Group code on the Invoice to generate the withholding tax

fusion-witholding-tax-1 fusion-witholding-tax-2

fusion-witholding-tax-2

The Withholding Tax Group is defaulted from the supplier or supplier site. This indicates if the supplier or supplier site is registered for Withholding Tax

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Oracle Patch 9794557 – NULL and NOT NULL conditions

with regards to

Patch 9794557;

I have checked patch on MOS. It is available for EBS 12.1 and there is no superseded info available in patch search which means that patch is not superseded. If it would be then in patch search window you would see that and link to new patch.

Not sure how relevant it is but please check:

What is the Latest E-Business Tax (eBTax) Rule Engine Patch? (Doc ID 1301356.1)

Gulf States (GCC), India, Anguilla – fix price your Oracle VAT/GST solution now

The world is changing and more tax needs to be generated. For this reason, there are several new countries that are introducing VAT or GST in the next couple of years.

The countries listed below are all adopting VAT or GST;

  • Saudi Arabia
  • Kuwait
  • Bahrain
  • Oman
  • Qatar
  • UAE
  • India
  • Anguilla

As the leading experts for Oracle Indirect Tax configuration, we are in the best position to offer you a fully automated solution for all of these countries and whats more, we are fix pricing the cost of this solution now before we know how complex the requirements will be, thats how confident we are at being able to deliver.

 

So Oracle R12 or Oracle Cloud (Fusion), get in touch to find out more.

IMF welcomes UAE’s VAT plan

 

The United Arab Emirates (UAE) has announced plans to introduce a VAT regime and increase excise taxes, a move that has been welcomed by the International Monetary Fund (IMF).

The UAE Finance Minister has announced that Value Added Tax (VAT) will be introduced at an expected rate of 5% with around 100% items expected to be exempt. The UAE and the other Gulf Cooperation Council (GCC) members have been negotiating a proposed pan-GCC VAT for more than a decade and finally settled on a draft plan last year.

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UKOUG Partner Of The Year Awards 2016

Voting is now open! – Vote for eBiz Answers today!

 

eBiz Answers are proud to announce that we have been shortlisted for Innovative Service Partner of the Year at the UKOUG Partner of the Year Awards 2016.
These awards provide recognition to Oracle Partners for the contributions they make by providing their services to Oracle users. This year’s UKOUG Partner of the Year Awards will be presented on the 13th October 2016 at the new style Café de Paris, London.

After great success winning the Innovator of the Year Award at the International Tax Review’s European Tax Awards we hope to continue the winning run with the support of our clients and customers.

To Vote for eBiz Answers Ltd go to http://www.ukoug.org/2016-events/partner-of-the-year-awards/voting/
Voting Closes on the 12th September 2016
For further details of the Awards, including shortlists visit http://www.ukoug.org/2016-events/partner-of-the-year-awards/

How will Brexit impact Indirect Tax?

The short answer is that no one knows for sure how the decision from the 23rd June 2016 will affect businesses and with negotiations yet to start it will be some time before we have a clear idea. It is a challenging time, which is why eBiz Answers is hosting a series of webinars that will focus on what Brexit means for indirect taxes.

The webinars led by Neil Cubbage who has almost 7 years Fusion Tax experience with Oracle and Andrew Bohnet, the current Oracle Tax Management Special Interest Group chair, will look at what is likely to happen and how this will affect your Oracle configuration and processes around your Oracle eBusiness indirect tax solution. We will discuss how Brexit will impact all aspects of your Oracle eBTax or your Oracle Cloud (Fusion) solution, the reporting requirements such as the European Sales Listing Report, Intrastat reporting and the VAT return and the impact on other modules such as order management or projects.
 

From an indirect tax perspective, we will ask the question, does it matter if we are in Europe if we are not part of the European Union? ‘Leaving the EU’ is a confusing term because the UK is very much a European country, just like Norway and Switzerland who are also not part of the European Union, but are in Europe and function perfectly well without the complex requirements surrounding VAT and the EU.
 

We will focus on, what the alternatives are to being part of Europe around indirect tax, the Mini-One-Stop-Shop (MOSS) for example. Our aim is that the webinars will help you prepare your business for the challenges ahead to make sure you are ready for the changes when they come.
 

To register for these upcoming webinars please visit: www.ebizanswers.net/how-will-brexit-impact-indirect-tax

 

 

 

Adding Real Time Analytics to your Tax Department’s Indirect Tax Toolkit

eBiz Answers have recently added Real Time Tax Analytics to their indirect tax toolkit,  the application has designed specifically with the tax department in mind.   Real Time analytics is a user friendly web application which will inform the tax department of a transaction with a potential tax issue within seconds of it being entered.   This allows the tax department to identify and correct issues at source and empowering the tax department to be involved in the end to end process.

The ever increasing use of technology by Tax Authorities for tax compliance is directly impacting the inner workings of the tax department.     The VAT landscape is changing rapidly across the globe as Tax Authorities introduce technology to crackdown on tax avoidance and ensure corporate tax transparency.    From South American to Europe,  tax authorities are passing regulation to ensure companies provide accounting data in a standardised format, direct from their ERP applications on a monthly basis.  The tax authorities can then check the file, validate the data and ensure compliance.   Poland has introduced electronic filing with SAF-T files from the 1st July to join Portugal, Luxembourg, Austria and Lithuania who are already using the SAF-T filing format.

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Oracle Indirect Tax Toolset for Real Time Compliance

The indirect tax world is changing and with it are the requirements around tax compliance and reporting and the penalties that follow when you get things wrong.

Too many companies rely on reporting after the month end has been closed – often too late to make changes or any changes that can be made are done manually with minimal audit trail.

So how can you get more out of your tax engine to reach total compliance?

eBiz Answers are pleased to introduce their Oracle indirect tax auditor toolset that provides analysis of your data in real time. No longer do you need to wait until after the month end has closed to check the data for issues before the tax returns are submitted, our eBTax Real Time Analytics that is part of our Oracle indirect tax auditor toolset will identify issues within 5 seconds of a transaction being entered.

To arrange a demo of this ground breaking tool, contact us here