Companies often need to adapt, change and plan their tax rate changes for different periods of time to comply with law requirements. Due to COVID-19, governments are making changes to VAT rates and provide guidance on time-sensitive transition periods. For example, on 3 June 2020, the German parliament proposed to temporarily reduce the VAT rates from 1 July 2020 until 31 December 2020. S4Hana CE 1911 release allows users to respond to these changes by using time dependent taxes.
Source: PwC Finland
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