Tax Reporting Type (seeded) for Customers

The Tax Reporting Type is used to link customers for reporting filter.

You can define tax reporting type for customers.

Industry Classification of Korea

You must update the industry classification of Korea.

Industry Subclassification of Korea

You must update the industry Subclassification of Korea.

Industry Liquor Retail Merchant Code for Korea is a seeded example of Industry Classification.

Customer Configuration

This section discusses the customer configuration steps included in VAT Reporting for Korea.

• Customer is Individual (Customer has Taxpayer ID)

  Follow these steps:

  1. From the Navigator console, navigate to Receivables, Billing.
  2. Select Manage Tax Registration and search for Third-Party Tax Profiles.
  3. Search for the customer (company you create in the previous step).
  4. Navigate to the Tax Registrations tab and click Add.
  5. In the Profile tab, select the Tax Organization Type as Individual.
  6. In the Tax Reporting Codes, review the tax reporting codes for this tax payer.
  7. Click Save and Close.
• Customer is Corporation (Customer has TRN)

  Follow these steps:

  1. From the Navigator console, navigate to Receivables, Billing.
  2. Select Manage Tax Registration and search for Third-Party Tax Profiles.
  3. Search for the customer (company you create in the previous step).
  4. Navigate to the Tax Registrations tab and click Add.
  5. In the Profile tab, select the Tax Organization Type as Corporation.
  6. Click Save and Close.