Oracle Public Sector Financials (International): UK VAT Rate Changes Affecting Standing Charges
Last updated on SEPTEMBER 14, 2016
Applies to:Oracle Public Sector Financials (International) - Version 188.8.131.52 to 12.0.6 [Release 11.5.10 to 12.0]
Information in this document applies to any platform.
RPI - Standing Charge
Form:IGIRRMSC.FMB - Standing Charges - Standing Charge
Executable:IGIRRPI - Standing Charges: Generate Interface Data
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:
- Invoice dated 30th November 2008 or earlier - VAT is due at 17.5%
- Invoice dated 1st December 2008 or later - VAT is due at 15%
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.
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