TTR Releases First Ever United Nations Standard Products and Services Codes (UNSPSC) Taxability Matrix
The United Nations Standard Products and Services Code (UNSPSC) system is a classification made by the U.N. of every commodity bought and sold throughout the world. TTR has taken the commodity list and provided an image for each commodity, a tax answer, a detailed explanation of why a commodity is or is not subject to tax, and linked associated laws, regulations and rulings for each commodity listed.
New York, NY, July 26, 2013 --(PR.com)-- TTR, the industry leader in providing accurate, current, supported and easy to find sales and use tax answers, has just released the first ever UNSPSC Tax Answers Matrix. Now, and for the first time, any professional can view the taxability of the commodity codes listed in the UNSPSC across all U.S. states.
The United Nations Standard Products and Services Code (UNSPSC) system is a classification made by the U.N. of every commodity bought and sold throughout the world. TTR has taken the commodity list and provided an image for each commodity, a tax answer, a detailed explanation of why a commodity is or is not subject to tax, and linked associated laws, regulations and rulings for each commodity listed.
How did TTR do this?
TTR started with the list of commodities contained within the UNSPSC. TTR then researched how these items are taxed across all states. TTR found images of each commodity in order to help subscribers more readily identify what may be bought or sold. TTR then added detailed explanations for each commodity across all states with links to full text laws, regulations and rulings.
However, in the process of researching these commodities, TTR found that sometimes the UNSPSC commodity was not specific enough to accurately provide a tax answer. For example, there are 32 types of juices listed in the UNSPSC. Yet, in many states, the taxability of juice is dependent upon the percentage of juice in the beverage. TTR’s solution was to provide tax answers for all tax-relevant scenarios (based on the percentage of juice in each beverage) for all 32 types of juice.
What's next?
Providing tax answers for the UNSPSC commodities was just the first step. Further steps include keeping all answers and citations up to date and working with the UN to recommend additional tax-relevant commodity codes.
The UNSPSC TTR Tax Library represents just a fraction of TTR’s content. TTR currently has thousands of products and services covering over 5 million sales and use tax answers across over 20 industries in all states.
Additional Information
You can contact us at contact@ttrus.com or call us at 866.578.8193 today to set up a demo of the new UNSPSC library.
About TTR
TTR (Transaction Tax Resources, Inc.) is the industry leader in providing accurate, current, supported and easy to find sales and use tax Answers. Headquartered in McMinnville, Oregon, TTR maintains over 5 million tax answers for products and services. TTR created the first ever online solution for finding sales and use tax Answers. TTR clients receive valuable tax Answer updates, not just notifications of when laws change. TTR provides unlimited support at no extra charge and provides audit defense assistance for all TTR tax Answer -- an industry first. More information about TTR may be found at www.ttrus.com.
For More Information
TTR (Transaction Tax Resources, Inc.)
www.ttrus.com
866.578.8193
The United Nations Standard Products and Services Code (UNSPSC) system is a classification made by the U.N. of every commodity bought and sold throughout the world. TTR has taken the commodity list and provided an image for each commodity, a tax answer, a detailed explanation of why a commodity is or is not subject to tax, and linked associated laws, regulations and rulings for each commodity listed.
How did TTR do this?
TTR started with the list of commodities contained within the UNSPSC. TTR then researched how these items are taxed across all states. TTR found images of each commodity in order to help subscribers more readily identify what may be bought or sold. TTR then added detailed explanations for each commodity across all states with links to full text laws, regulations and rulings.
However, in the process of researching these commodities, TTR found that sometimes the UNSPSC commodity was not specific enough to accurately provide a tax answer. For example, there are 32 types of juices listed in the UNSPSC. Yet, in many states, the taxability of juice is dependent upon the percentage of juice in the beverage. TTR’s solution was to provide tax answers for all tax-relevant scenarios (based on the percentage of juice in each beverage) for all 32 types of juice.
What's next?
Providing tax answers for the UNSPSC commodities was just the first step. Further steps include keeping all answers and citations up to date and working with the UN to recommend additional tax-relevant commodity codes.
The UNSPSC TTR Tax Library represents just a fraction of TTR’s content. TTR currently has thousands of products and services covering over 5 million sales and use tax answers across over 20 industries in all states.
Additional Information
You can contact us at contact@ttrus.com or call us at 866.578.8193 today to set up a demo of the new UNSPSC library.
About TTR
TTR (Transaction Tax Resources, Inc.) is the industry leader in providing accurate, current, supported and easy to find sales and use tax Answers. Headquartered in McMinnville, Oregon, TTR maintains over 5 million tax answers for products and services. TTR created the first ever online solution for finding sales and use tax Answers. TTR clients receive valuable tax Answer updates, not just notifications of when laws change. TTR provides unlimited support at no extra charge and provides audit defense assistance for all TTR tax Answer -- an industry first. More information about TTR may be found at www.ttrus.com.
For More Information
TTR (Transaction Tax Resources, Inc.)
www.ttrus.com
866.578.8193
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TTR
Shon Holyfield
503 472-8500
TTRUS.com
Shon Holyfield
503 472-8500
TTRUS.com
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