Tax Formula Setup
Tax Formula Setup
Before you can set up tax formulas, you must set up tax regimes and taxes for taxable basis tax formulas and for tax calculation tax formulas that you intend to assign to specific tax regimes and taxes. If you do not assign a tax calculation tax formula to a specific tax regime, then it becomes available to all tax regimes.
You must also enable cross-regime compounding and compounding precedence for the tax regimes and taxes that will use tax formulas with compounding details.
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Part 2: Setting Up Tax Rules
Chapter 8 - Page 26
Agenda
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Part 2: Setting Up Tax Rules
Chapter 8 - Page 27
Tax Condition Sets Tax Condition Sets
Responsibility: E-Business Tax Manager
(N) Tax Managers > Advanced Setup Options > Tax Condition Sets > (B) Create
Use the Create Tax Condition Set and Create Tax Conditions pages to set up tax condition sets. The tax conditions belonging to an individual tax condition set constitute the conditions to
consider in order to determine if the result of the condition is true for the applicable transaction. The tax condition set or sets belonging to an individual tax rule constitute the logic of the tax rule—if any tax condition set belonging to a tax rule arrives at a true result, then the tax rule applies to the transaction.
You can set up tax condition sets in advance and apply them to a tax rule, or you can set up tax condition sets during tax rule creation.
The tax condition set specifies the factors to consider, and the resulting value that must exist for each factor, in order for the result of the tax rule to be true. Each tax condition in a tax condition set consists of a tax determining factor (determining factor class/class qualifier/determining factor name), an operator, and a value.
When the elements of the transaction meet all of the tax regulations, then the rule result is true and the rule applies to the transaction.
Copyright ? Oracle, 2009. All rights reserved.
Part 2: Setting Up Tax Rules
Chapter 8 - Page 28
Tax Condition Sets Setup
Tax Condition Sets Setup
Before you can set up tax condition sets, you may need to complete one or more of these tasks. Prerequisites
Mandatory prerequisite steps include: ? Set up determining factor sets.
? Set up values for the applicable determining factor classes. You should ensure that all of the values that you need have been defined for the determining factor classes that you intend to use in a tax condition set. For example, define all of the fiscal classification codes that you need for each applicable fiscal classification determining factor class.
Copyright ? Oracle, 2009. All rights reserved.
Part 2: Setting Up Tax Rules
Chapter 8 - Page 29
Summary
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Part 2: Setting Up Tax Rules
Chapter 8 - Page 30
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