Slovenia to rate VAT?
Looks liek the Slovenian government is to raise standard rated VAT from 22% ro 24% on the 1st May 2014. Currently only anticipated as a temporary measure.
Looks liek the Slovenian government is to raise standard rated VAT from 22% ro 24% on the 1st May 2014. Currently only anticipated as a temporary measure.
Intercompany Transactions in R12 & a Global Implementation of Oracle eB Tax, incl EU & APJC VAT, US Sales/Use & China Golden Tax
If you are having problems getting your tax simulator to work, then make sure you have setup the ‘Associated Business Enities’ up under your Legal Entity Establishment
The Fusion Tax Simulator does everything that the R12 simulator should have done and much much mroe. It really is a tool for Oracle to be proud of and a tool that revolutionizes how tax configuration and tax issues can be tested and dealt with. Verifying Tax Configuration before activating your tax!
“The Fusion Tax Simulator is a tool for simulating the tax determination process using your tax setup” So what this means is that if you have an issue, you can ran the simulations without having to enter transactions. Even better, you can take any real transaction that has already been entered in your production instance and then copy this to the tax simulator! You can then work on the issue in the simulator without having to touch the actual transaction. Once you have resolved the issue, you can then apply this to the one in production!
“The Tax Simulator lets you preview the workings of your tax configuration before you perform tax calculations on transactions in a sub-ledger application.”before you activate the tax, you can run simulations to see if the tax outcomes are what you expect in Payable, receivables and other modules.” Whilst not advised, this means that you can do setups directly to production and use the tax simulator to test them before activating the new setup.
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The Oracle Fusion Tax solution architecture uses a centralised data model consisting of five levels:
This level represents the tax data that you set up for each tax regime and tax that your company is subject to. A tax authorityadministers the taxes of a tax regime. Each taxwithin atax regimeis comprised of a certain number ofelements, including tax statuses, tax jurisdictions, tax rates, and if applicable, tax recovery rates.
This level identifies the factors that participate in determining the tax on an individual transaction. Tax determining factors can be classified into the partiesinvolved in a transaction, the productstransacted, the placesinvolved in a transaction, and the processor kind of transaction that takes place. Tax determining factors are the building blocks for tax rules.
This level consists of the defaults and tax rules used to determine and calculate tax on a transaction. Create tax rules by translating the tax regulations of a tax authority into determining factors and tax conditions. For each transaction line, the tax determination process uses the defaults or tax rules to determine the applicable tax regimes and taxes, place of supply, tax registration,tax rate and taxable basisto use in tax calculation, and any tax recoveryto the extent applicable.
This level consists of determining tax amounts, appropriate tax recovery amounts, exporting and importing designated tax setups. For US tax solutons. the integration with third-party vendor productsfor transaction tax data upload, calculation, and reporting considerations where elected.
This level maintains all of the tax information pertaining to each transaction for use in tax reporting.
Create your line type and ensure the Purchase Basis is ‘Services’
assign to profile value – ‘POR : Amount Based Services Line Type’
| POR : Amount Based Services Line Type |