In response to COVID-19, many countries have turned to value-added tax (VAT) in order to stimulate their economy in an attempt to ease the disruption to national economies caused by COVID-19. For example, Germany recently lowered standard VAT rates from 19% to 16%, effective from the 1st of July, 2020, and will last until December 31, 2020.
We have been supporting a number of our German customers with these changes already, and as we have identified a number of other countries who are planning similar measures in response to COVID-19 we felt it would be useful for all customers to learn how easy it is to update your VAT settings in ADvendio to deal with changes to VAT rates while ensuring your planned and running campaigns reflect the changes needed.
There are 3 options within ADvendo for managing this change depending on the current status of your media campaigns:
- Option 1: Keep existing Media Campaigns and Campaign Items
- Option 2: Keep existing Media Campaigns
- Option 3: Create new Media Campaigns and Campaign Items
Regardless of which option you chose, firstly you must update your existing VAT settings and create a new VAT setting for the new reduced rate.
Updating your VAT rate settings in ADvendio is quick and easy, ensuring you can rely on the accuracy of your campaign-related financial data. To learn more about each option and identify which is the best for your current situation, please view our ADvendio Wiki guide on managing VAT changes. Here you will find a detailed step-by-step overview on how to manage these changes as well as a short walkthrough video to help you visualize each step.
If you have any additional questions or require any assistance please do not hesitate to reach out to your account executive or simply email [email protected].