ONESOURCE Indirect Tax Rate Report
Worldwide, there were 37% more indirect tax changes in the second quarter of 2012 than there were during the same period in 2011, according to our latest ONESOURCE Indirect Tax rate report.
There were 1,025 tax code changes in Q2 2012, compared with 270 in Q2 2011.
This includes 109 indirect tax increases, down slightly from 124 in Q2 2011.
Highlights from the global Q2 2012 report include:
- The total number of state, county, city and transit sales tax rate increases in the U.S. declined from 111 in Q2 2011 to 104 in Q2 2012.
- The number of value added tax rate increases globally declined from 13 to 5.
- In the U.S., the average state sales tax was 5.48 percent in Q1 2012, down from 5.52 percent in Q1 2011.
- In Europe, the VAT rate for Madira, Portugal was increased and Norway ended its temporary 13 percent reduced rate, which was originally enacted December 31, 2006.
- In Asia, China added a 7 percent rate for the purchase of transportation services retroactive to January 1, 2009. India increased the standard serviced tax from 10 percent to 12 percent effective April 1, 2012.