Why are controls and defaults important?

Oracle Tax setup is designed so that you have to do as little as possible. One way to do this is the extensive use of default values.

That means you can enter your data once and use it in all subordinate or child records. Use defaults wherever applicable. For example, many values you enter for a tax regime show as defaults for each tax associated with it. In most cases, you can override an incorrect default value.

Using data-driven controls decides how tax functionality works. These controls ensure maximum flexibility. They also maintain the accuracy and integrity of your data and transactions. For example, you must set up tax recovery for value-added tax (VAT) processing. All you have to do is enable the Allow tax recovery option for the tax record. Doing so lets you set up tax recovery rates for this type of tax.