(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.
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.
You can contact us at email@example.com or call us at 866.578.8193 today to set up a demo of the new UNSPSC library.