4 Reasons for Retailers to Automate the Tax Process
Sales and use tax have taken on an unprecedented level of importance, as well as corresponding scrutiny by governments and companies in the past four years thanks to the challenges resulting from the global economic slowdown and struggling recovery.
Last year the average combined U.S. sales and use tax rate, which includes U.S. state, county, local and special purpose tax districts, hit a new record high average of 9.64 percent. The previous record of 8.63 percent was set the year prior. A steady uptick in the average combined rate was driven by continued rate changes, rate increases and new taxes being levied across the United States. Rate changes alone totaled 555 in 2010. If you count all data changes that affect tax calculation, including jurisdiction changes and something that was taxable but now isn't or is taxed in a different way, the number of changes in 2011 jumps into the thousands.
- Places:
- United States