Maintaining Rates by Tax Code (T)

Tax system in some countries could be very complex. Tax rates may vary in regions, states, or cities. The government creates and imposes changes on tax rules frequently. To address this requirement of a country, Tax Engine calculates invoice taxes based on individual transaction lines.

For each Tax Code maintained in Tax Engine, you can specify the applicable rates and effective dates.

  1. Expand Tax Engine applications > Master Data.
  2. Select Rates by Tax Code.
  3. Click the New View icon.
  4. In the Tax Type field, search and select a tax type code. Click OK.
  5. To record rates, click the New icon.
  6. Specify this information:
    Effective Date

    Select a date in the calendar. This field is mandatory.

    % Rate

    Specify the applicable tax rate for the selected effectivity date. Tax rates must be expressed as a percentage and not as the decimal equivalent. For example, type 12 percent (%) as 12. The value appears as 12.000000.

    If Tax rate for a single tax type is maintained in this session and in Tax search data Tax Rate by Search Definition, the system will use the tax rate in this session and apply to the fiscal transaction. Default rate values can still be updated when you process your fiscal receipts and shipments.

  7. Click the Save icon.