Thomson Reuters Report Finds Negligible Hikes in Tax at the County, City Level
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 176U.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 from1.248 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.
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