Sabrix, a transaction tax management provider, announced the latest releases of Sabrix Application Suite and Managed Tax Service tax content to help ensure compliance with the one percent increase in the basic California state sales and use tax rate that went into effect April 1.
As part of California’s effort to raise revenue and close its $42 billion deficit, Governor Schwarzenegger on Feb. 20 announced a temporary state sales tax increase of one penny to the dollar, set to expire July 1, 2011, or July 1, 2012, pending approval of the upcoming Budget Stabilization Act. All companies registered to conduct business in California are required to make amendments to their compliance processes and systems or risk penalties, interest charges, additional transaction processing time, and reconciliation costs.
