Thomson Reuters Report Finds Negligible Hikes in Tax at the County, City Level
NEW YORK, November 10, 2014 - The U.S. sales tax burden remained unchanged, while the number of indirect tax changes declined in the third quarter of 2014, according to the latest ONESOURCE Indirect Tax rate report from Thomson Reuters.
Thomson Reuters quarterly ONESOURCE Indirect Tax rate report summarizes changes in sales, use and value added taxes. In Q3 2014, state rates remained at an average 5.457 percent for the fourth straight quarter, allowing the overall average burden to experience a negligible .003 rise to 8.470 in Q3 2014. In addition, there were 176 U.S. tax code changes made, down from 199 changes in Q2 2014, the third straight declining quarter of tax changes.
"Domestic tax rates have gone virtually unchanged for the better part of a year," said Carla Yrjanson, vice president of tax research and content at Thomson Reuters. "While corporate tax professionals still need to be cognizant of nearly 200 code changes happening every quarter, rates have seemingly stabilized, which comes as a welcome development."
The average city and county rates both experienced microscopic rises. The average city rate rose .002 percent to 1.762 percent, and the average county rate rose from 1.248 percent to 1.251 percent. Indiana, Mississippi, New Jersey, Rhode Island, and Tennessee once again tied for the highest state designated portion of the sales tax rate at 7 percent, while two Juneau county unseated Wrangell, Alaska and the city of Anderson, Alaska replaced Kodiak atop their respective lists with a 7 percent designated portion of the rate.
Internationally, the Indian state of Maharashtra added a 2 percent rate for all types of cotton, as of Aug. 1. Additionally, the standard rate in Argentina Capital Federal GIT was raised by 3 percent.
To download the full report, go to: https://tax.thomsonreuters.com/reports/indirect-tax-rates/2014_q3.
For more information on ONESOURCE Indirect Tax, visit http://onesourceindirecttax.com.
About Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organization. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. For more information, go to www.thomsonreuters.com.
-End-
CONTACT
Brian Erni
For Thomson Reuters
631.584.2200
brian@jroderick.com
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Thomson Reuters Corporation via Globenewswire
HUG#1870230