Sales tax settlement periods define the intervals at which sales tax must be reported and paid to the sales tax authority. A sales tax code stores the tax rates and calculation rules for the sales tax.Įvery sales tax code must be linked to a sales tax settlement period. The following diagram shows the entities of the tax setup and how they are related.įor every sales tax that a company must account for, a sales tax code must be defined. Periodically, they must be reported and paid to tax authorities. These taxes are calculated and documented during purchase and sales transactions. The sales tax framework supports many types of indirect taxes, such as sales tax, value-added tax (VAT), goods and services tax (GST), unit-based fees, and withholding tax. It explains the elements of the sales tax setup and how they work together. This article provides an overview of the sales tax system.
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