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9. June 2020
2 Minutes
MWST Würfel

Change in value-added tax? No problem with Arineo!

As part of the economic stimulus package, sales tax is to be temporarily reduced to 16 or 5 percent from July 1 to December 31, 2020. Even though the legal framework has not yet been put into practice, companies need to act now.

ERP system preparation

For the last VAT rates changes in 2007, Microsoft issued several recommendations. These can be used as a starting point. It should be noted that these recommendations were based on a permanent change in tax rates. Currently, however, there is a temporary, six-month change. It must also be taken into account that the recommendations were based on Axapta 4.0 but today, Dynamics AX2012 or 365FO are typically in use.

Possible changes that can be made now

Once the key points of your changeover plan have been determined, various settings and parameter changes can be made, even if no precise implementation guidelines are yet available.

Testing the settings

As several settings and parameters usually have to be adjusted, supplemented, and modified, it is essential to test the new settings.

Other considerations

For periodic payments (e.g., rent), the payment amounts must be adjusted by the changed taxation. This also applies to incoming payments.

Arineo supports you in the planning and execution of the changes as well as the corresponding adjustments in your ERP system. Our qualified and experienced finance consulting team will work with you to develop the best and most suitable approach for your company. In this way, you and your company are optimally prepared for the new tax rates. Our Arineo checklist stops you from forgetting any part of your ERP system.

Do you want support? Then simply contact us! We are happy to help you!