TTR Releases First Ever United Nations Standard Products and Services Codes (UNSPSC) Taxability Matrix

Wednesday, July 17th, 2013

 
 
Share
Link

(McMinnville, OR, July 17, 2013) - 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

Transaction (buying or selling things), Tax (the tax on this activity), Resources (our people, our website, our support services) - TTR, Inc.

TTR has a website that companies subscribe to and use daily. This website provides a list of everything that can be bought or sold in the U.S. It provides simple answers to whether buying or selling these items is taxable (subject to a sales tax or other tax), and it provides all the legal authority to support these tax answers.

TTR likes to keep things simple and fun, which is why it has great people who provide help to clients on any support questions they have about transaction tax issues.

Please visit TTR on the web at www.ttrus.com or call 866.578.8193.

TTR Releases the First-Ever Restaurant Content Library...

Monday, June 10th, 2019 -McMinnville OR, June 11th - TTR, the leading provider of accurate tax answers, laws, and rates, is releasing a...

South Dakota v. Wayfair Outcome- Do I have to collect...

Tuesday, June 26th, 2018 -McMinnville OR, June 26th - South Dakota v. Wayfair Outcome: Do I Have to Collect Sales Tax Now? Let's see if ...

South Dakota v. Wayfair - TTR Explains What Tax...

Thursday, April 19th, 2018 -South Dakota v. Wayfair Currently, the US Supreme Court is considering whether to overrule a decision it re...

TTR’s artificial intelligence- the future is here.

Wednesday, March 21st, 2018 -McMinnville OR, March 21st - There is nothing artificial about the intelligence built into TTR's new Exemption...

TTR Placed #2 in Top Places to Work in Oregon

Thursday, October 5th, 2017 -McMinnville, OR, October 3rd, 2017. TTR, the Tax Answer Company, is honored to announce it made the Top Workpl...

TTR Announces Release of Exemption Certificate...

Thursday, July 27th, 2017 -McMinnville OR, July 25th - TTR, the tax answer company, announced the release of a groundbreaking and time-sa...