Konjunkturpaket der Bundesregierung

June 04, 2020

Yesterday, the federal government's economic stimulus package was presented to counteract the economic impact of the Corona pandemic. Among other things, a reduction in value-added tax was decided. This is limited in time and is expected to come into force on July 1 until December 31, 2020. This measure will be discussed in the cabinet on 06/12/2020.

This means additional work for all self-employed and commercial operators. The new tax rates must be deposited by July 1, and there is also additional work involved in bookkeeping. Invoices before July 1 must continue to be booked with 19% VAT or 7%. Invoices from July 1 onwards, however, with 16% VAT or 5%. This not only affects new customers or new orders, but also monthly recurring invoices. In this regard, a change is absolutely necessary.

The conversion is completed in TekBASE in a few seconds. To do this, you have to click on "Tax Key" under "Financial Modules" in the admin area. Create a new tax key with "Value Added Tax 16%", change a few things and you're done. A script, which we will provide, will automatically process all customer packages.

Update 06/29/2020:
Link: Script to implement the VAT reduction