Fusion Tax Release 11 Updates
Below is a high level overview of the new functionality available for the Oracle Cloud tax engine. As you can see, there are quite a few changes.
Estimated Tax on Sales Order now possible.
Create a rule using tax determinant which includes transaction business category = Sales Transaction
Create a UD.
Enhanced Rapid Implementation Spreadsheets:
Data related to tax rules moved from tax config workbook to tax implementation workbook.
The following worksheets are new in the implementation workbook:
- Tax Exemptions: Create tax exemption configuration for third parties and third-party sites.
- Party Classifications: Associate party fiscal classifications with the parties.
- Tax Reporting Codes: Create tax reporting codes and tax reporting types for downstream use in tax reports.
- Tax Payer Identifiers: Define specific taxpayer identifiers for third parties and third-party sites for purposes of reporting.
- Product Fiscal Classifications: Create product fiscal classifications for subsequent use in tax rules having a product inventory linked determining factor class.
- Tax Rules: Define rules that look for a result for a specific tax determination process, such as determining place of supply or tax registration, in relation to a tax on a transaction.
Tax registrations have moved out of party tax profiles task. Now have their own task lists of:
- Manage Tax Registrations: Use this task to create or edit details related to Tax Registrations, Withholding Tax Registrations, and Taxpayer Identifiers.
- Manage Tax Exemptions: Use this task to create or edit details related to Tax Exemptions and Withholding Tax Exemptions.