Transaction Tax Report Features

Tax reporting is integrated with Oracle Fusion Tax and supports reporting of tax activities associated with buying and selling of goods and services. You can use various formats to satisfy the internal and external reporting needs of tax authorities, auditors, and corporate stakeholders.

Tax reports include the following features:

• Flexible reporting levels

• Reporting currency

• Flexible reporting date range

• Tax reporting types and tax reporting codes

• Tax registers

Flexible Reporting Levels

Tax reporting supports three levels of reporting:

• Ledger

• Legal entity

• Tax registration number

You can generate reports at any of these levels to meet the specific requirement of your audience. For example, create a tax report at the ledger level for reconciliation of tax accounts with the ledger postings.

For reporting to tax authorities, generate reports at the legal entity or tax registration number level. Your legal entities and their associated tax registration numbers are aligned with how your businesses are legally recognized by government authorities. Preparing reports by tax registration number lets you view all activities which you can report for a given legal entity, regardless of how internal business units are organized.

Reporting Currency

Multinational companies with complex setup of primary, secondary, and reporting ledgers must report in currencies other than the primary currency of a ledger. Use reporting currencies for handling reporting in currencies other than the primary currency of the ledger.

Flexible Reporting Date Range

You can report transaction tax details based on the following date ranges:

• Tax point dates, for example, to report your tax liability to the tax authorities.

• Accounting dates, for example, to reconcile with the general ledger.

• Transaction dates, for example, to reconcile with the subledgers.

Tax Reporting Type and Tax Reporting Codes

You can use tax reporting types and tax reporting codes to group transaction tax details on the reports to meet legal or internal requirements.

Create reports based on a subset of transactions if you have implemented and assigned tax reporting types and tax reporting codes to your tax transactions. For example, you can create reports that list only self-billing invoices.

Tax Registers

Group transaction tax data based on the tax registers. The following tax register types are available for reporting:

• Tax Register

• Nonrecoverable Tax Register