The Microsoft Business Solutions group is advising customers to be aware of changes to European Union value-added tax law that will take effect Jan. 1, 2010.
Microsoft has released updates to existing functionality to enable Microsoft Dynamics ERP users to include services in the European Commission Sales List report. This report previously had to include only the sales of goods to companies in other EU countries. With the upcoming changes to EU tax law, services need to be included in the report. In addition, the layout of the paper report and the definition of the electronic file are different in each of the 27 EU countries.
Companies that supply services across borders and have not yet redefined their financial and business management processes and trained employees to deal with the upcoming changes are urged to move quickly to comply with them.
By installing the VAT 2010 updates, customers on the Microsoft Business Ready Enhancement Plan can comply quickly with the changes in regulations. All customers on an enhancement plan and a supported version of Microsoft Dynamics ERP are entitled to receive these Microsoft software updates. These VAT 2010 changes highlight the ongoing need for all businesses to be able to adapt quickly to regulatory changes.
Microsoft has released updates to specific versions of the Microsoft Dynamics ERP applications (Microsoft Dynamics AX, Microsoft Dynamics GP and Microsoft Dynamics NAV) that support VAT 2010 within the core application and encompass the specific requirements in each country. Further releases will become available as subsequent announcements are made by the EU member states that have not yet specified local details.
