Oracle Public Sector Financials (International): UK VAT Rate Changes Affecting Standing Charges (Doc ID 753650.1)

Last updated on SEPTEMBER 14, 2016

Applies to:

Oracle Public Sector Financials (International) - Version 11.5.10.0 to 12.0.6 [Release 11.5.10 to 12.0]
Information in this document applies to any platform.
RPI - Standing Charge
UK VAT
Form:IGIRRMSC.FMB - Standing Charges - Standing Charge
Executable:IGIRRPI - Standing Charges: Generate Interface Data

Symptoms

What was Announced?

The UK Government announced that as of December, 1, 2008 the VAT (value added tax) rate will be decreased from 17.5% to 15%. The rate will stay at 15% until 1 January 2010, when it will go back to 17.5 per cent. From January 1st 2011 the rate will increase to 20%.

The VAT tax point is determined by the date of issue of the invoice:

How are Public Sector Financial Customers Impacted?

Change in the UK VAT rate needs to be implemented for Standing Charges. This can be accomplished via manual updates; however, for those customers with more than 2,000 Standing Charges, this workaround is not feasible.

Changes

Not Applicable

Cause

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