Understanding VAT

This section discusses:

• VAT functionality.

• Taxable status and VAT rates.

• VAT reporting and accounting.

• VAT recoverability.

• VAT defaults.

• VAT report production.

• VAT environment setup.

Note:

The Working with VAT topic provides information about VAT accounting and reporting and the functionality that Oracle's PeopleSoft applications provide to facilitate those tasks. This information is not to be construed as tax advice nor is it intended to document all the ramifications of accounting for VAT or reporting for VAT. Please consult your tax professional to ensure your full compliance with the laws and regulations dealing with VAT accounting and VAT reporting.