Contents
Tax Simulator
Tax Regimes
Controls and Defaults
Associations
All first party legal entities and operating units must be associated with the tax regime they are subject to.
Party Tax Profiles
Tax Authority
This is the organisation to whom you must report and settle taxes.
First Party Legal Entity
This is a organisation that creates taxable transactions.
- Configuration Options
First Party Legal Establishment
This defines your organisation that reports and settles tax with the tax authority hence here you define you tax registration details.
- Tax Registration
Taxes
This is the name of the tax and how it is handled.
Controls and Defaults
Tax Statuses
These are names of tax levels so in the UK the STANDARD VAT is for all basic goods and services but a REDUCED rate is paid for fuel and power and ZERO would be paid for food and books. Do not put the actual rate in the name is you would in 11i as this will be defined in the Tax Rates section.
Tax Jurisdictions
Tax Recovery Rate
Tax Rate
This is rate of a tax status like STANDARD VAT would have been 14%, 17.5% and 15% over time.
Country Defaults
Setup the default tax configuration for a country.
