FOR IMMEDIATE RELEASE
LOS ANGELES, Calif., December 2, 2009 – Applied Business Software Inc. (“ABS”), developer of The Mortgage Office™, the leading loan servicing software solution for the lending industry, is excited to announce full support for Canada’s GST/HST. The upcoming release of version 1.9.18 of The Mortgage Office™ fully automates the process of calculating, collecting and reporting Canada’s GST/HST.
The goods and services tax (GST) is a tax that generally applies to lender servicing fees, and must appear on the lender checks and monthly lender statements. Three provinces Nova Scotia, New Brunswick, and Newfoundland and Labrador, harmonized their provincial sales tax with the GST to create the harmonized sales tax (HST). The HST applies to the same base of taxable goods and services as the GST. Although the lender pays the tax, servicers are responsible for collecting and remitting it to the government on a regular basis.
Jerry Delgado, president of ABS, stated, “This is another step in our continuing effort to support the needs of our Canadian clients, and to ensure The Mortgage Office™ continues to be at the forefront of technology.”
For additional information on how GST/HST works, what is harmonized sales tax (HST), what is taxable or exempt visit Canada Revenue Agency website.
About Applied Business Software
Applied Business Software, founded in 1978 and creator of The Mortgage Office™, is a market leader and global provider of software systems and solutions to the lending industry. The Mortgage Office™ is a complete suite of software products designed from the ground up to specifically address the needs of those who originate and service loans. The Mortgage Office™ has consistently rated superior in design, system interface, expandability, and ease of use. This true 32-bit Windows application collaborates fully with the Microsoft Office suite of products and is designed to make loan servicing more profitable and your overall business run more efficiently. ABS is based in Long Beach, California. For additional information about ABS’s products and services, visit www.themortgageoffice.com or call (800) 833-3343.