Russia

Italian Vat Rumours and Russian Sales Tax

Italy considers 2015 VAT increase as finances worsen

The latest Italian budget revealed that the government is considering a new VAT rise. Italy raised its VAT rate to 22% in October 2013. Italy had already raised it 1% in 2011 from 20% at the height of the Euro currency crisis.

Italy’s public debt is the second highest in the euro zone as a percentage of GDP, and it has risen steadily to record highs above 130 percent of national output. The government deficit is continuing to drift away from the 3% of GDP target – a key rule for continuing membership of the Euro currency. Continue Reading

Oracle R12 e-Business Tax – Russian VAT

Oracle eBusiness Tax: Russia VAT considerations

Setting up Oracle in Russia is not easy and it helps to get a resource who speaks the language and understands the localizations needed to successfully implement Oracle.

Oracle eBTax for Russia is different in terms of its complexity but not because of the nature of Russian VAT but because the configuration of the solution is restricted completely by the reporting requirements, primarily with the Russian book of purchase and the book of sales. These reports are so rigid in their design that in order for them to work, the Russian VAT setup has to be done in such a way that as if walking through a mine field, one step out of line and things are not going to work. If you don’t know the Russian book of purchase or the Russian book of sales and are attempting to setup Russian VAT in Oracle for the first time then you are going to get very confused and frustrated very quickly. Continue Reading