How Cortex Simplifies Tax ChangesPosted: 07/07/2016 12:00am
We are committed to providing simple and effective e-invoicing solutions. One of the ways we do this is to monitor regulatory changes and update accordingly as part of our commitment to ensure the Network operates seamlessly with your systems.
Below is a recent example that took place in Canada:
Effective July 1, 2016, the Government of Newfoundland and Labrador will increase the provincial portion of the HST from 8% to 10%. The new HST rate of 15% is a combination of the 5% federal Goods and Services Tax (GST) combined with the 10% provincial portion.
Changes to the tax structure can place significant strain on accounting people and systems in order to accommodate the updates. For Cortex customers, tax parameters are built in to our e-invoicing system, allowing us to make the changes to ensure a seamless transition. In the case of the HST changes taking effect July 1, our system was proactively updated so that when the new rate goes into effect, the system will automatically apply the new taxes without interruption.
If you are a current Cortex customer and have any questions about the changes, please contact us at:
firstname.lastname@example.org, or call 1-866-716-6272