Foundation Tax Configuration
Use Oracle Fusion Tax to set up and maintain your transaction and withholding tax requirements in all geographic locations where you do business. Foundation tax configuration refers to a set of tax setup components that you use to satisfy your tax requirements.
At transaction time, the tax configuration determines the following taxes and tax amounts:
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Taxes that apply to each transaction
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Transaction tax amount
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Withholding tax amount
Foundation tax configuration components consist of:
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Tax regimes
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Taxes
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Tax jurisdictions
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Tax statuses
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Tax rates
Foundation Tax Configuration
Complete the setup tasks to create a basic tax configuration for each of your tax regimes. A foundation tax configuration contains the data applicable to the taxes belonging to a tax regime. The following table describes the levels of specifying setup options for foundation tax components with Canada Goods and Services Tax (GST) and Harmonized Sales Tax (HST) as an example.
Component |
Tasks you can perform: |
Tasks you cannot perform: |
Canada GST and HST Example |
---|---|---|---|
Tax Regime |
|
|
CA GST and HST |
Tax |
|
|
|
Tax Jurisdictions |
|
Specify tax rule defaults. |
|
Tax Status |
|
|
|
Tax Rates |
|
|
|