| # Single Tax Rates (tcmcs0132m000) Use this session to maintain the tax rates of the country and tax code shown at the top of the session. Use the Group menu or the Group buttons to browse through the countries and their tax codes. Choose New on the Group menu to enter tax rates for a new tax code. Note If the kind of tax is Investment Charge, the following fields are not available because this information does not apply to investment charge tax: Maximum Tax Amount (Net). Tax Base Amount (Net). Rate for Excess Amount. You can add and remove tax rates for tax codes that you have assigned to a country using the Tax Codes by Country (tcmcs0536m000) session. Related topics Example of maximum tax amount To set up the tax rates Country Countries are the national states where your suppliers and customers are located. For each country you can define the country code, international dialing, telex, and fax codes. Countries are part of the data that you must set up for tax reporting. In addition, items can be grouped and selected according to their country of origin. Tax Code A code that identifies the tax rate and which determines how ERP LN calculates and registers tax amounts. Effective Date The day and time on which the tax rate takes effect. If you specify more than one tax rate, ERP LN uses the tax rate specified here until the effective date of another tax rate. Related topics To enter a date Tax Rate The tax percentage. Maximum Tax Amount (Net) The maximum tax amount that must be paid on the individual transactions. If the calculated tax amount exceeds the maximum tax amount, ERP LN replaces the calculated tax amount with the maximum tax amount. Related topics Example of maximum tax amount Tax Base Amount (Net) In certain jurisdictions, tax is charged progressively. Tax applies to a certain tax base amount at one rate and to any excess amount at a different rate. Currency The currency used to express the maximum tax amount and the tax base amount. This is the currency of the country where the customer and the tax authorities levying the taxes reside. The default value in this field is the reference currency. To calculate the tax due for a transaction, ERP LN converts the currency entered in this field and the transaction currency to the local currency of the supplier. Rate for Excess Amount The tax percentage applied to the excess amount. In certain jurisdictions, tax is charged progressively. Tax applies to a certain tax-base-amount at one rate and to any excess amount at a different rate. |