Microsoft Dynamics GP meets new EU VAT requirements

Microsoft Dynamics GP continues to offer enhancements and updates to meet with ever changing regulatory environments.  By providing a rapid response to these shifting business conditions, Dynamics GP provides their customers with the tools they need to remain compliant while minimizing their costs for meeting the regulatory requirements.  These updates and enhancements are all part of the Microsoft Business Ready Enhancement Plan.

The Microsoft Business Solutions group is advising customers to be aware of changes to European Union (EU) tax law that will come into effect Jan. 1, 2010.

Microsoft Corp. has released updates to existing functionality to enable Microsoft Dynamics ERP users to include services in the European Commission (EC) 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 and easily 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 Dynamics helps its customers with regulatory compliance by monitoring the local legal requirements in the markets it serves and making the necessary changes within the software itself. The VAT 2010 updates are a good example of how Microsoft Dynamics solutions can help ensure that business processes can transition smoothly to a whole host of new legislation.

Microsoft has released updates to Microsoft Dynamics GP 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.

“It’s important that our customers and partners have the tools they need to help ensure compliance with basic legislation in whichever region they operate. By making it part of the core functionality of our system, it is quick and easy to update,” said Crispin Read, general manager, Microsoft Dynamics ERP. “For customers on a Business Ready Enhancement Plan, this should be simple. Those who are not, and have not yet taken action, shouldn’t be complacent about making these changes.”