My Oracle Support Banner

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

To view full details, sign in with your My Oracle Support account.

Don't have a My Oracle Support account? Click to get started!


In this Document
Symptoms
 What was Announced?
 How are Public Sector Financial Customers Impacted?
Changes
Cause
Solution
References

My Oracle Support provides customers with access to over a million knowledge articles and a vibrant support community of peers and Oracle experts.