1. Country-Specific Features
  2. Philippines Help Topics
  3. Philippines Invoicing
  4. Setting Up Philippines Invoicing Features
  5. Setting Up Additional Preferences for Philippines Invoicing
  6. Creating a Percentage Tax Code
  7. Creating a Percentage Tax Code for Accounts with SuiteTax

Creating a Percentage Tax Code for Accounts with SuiteTax

Before setting a tax code as a percentage tax,you must first create the tax code record.

To create a tax code record and set it as a percentage tax:

  1. Go to Setup > Tax > Tax Codes > New.

  2. Enter or set values for the following fields:

    • Name - Enter a name for this tax code.

    • Description - Enter a brief description.

    • Tax Type - Select the appropriate tax type to associate with this tax code (for example, NON_VAT_PH).

      To create a new tax type, go to Setup > Tax > Tax Types. See Tax Types Overview for more details.

    • Available On - Select the transaction type to which this tax code applies.

    • Tax Rate Type - Select the tax rate classification for the tax code you are creating.

    • Rate - Enter the tax percentage charged on items by this tax code.

  3. Click Save to create the tax code.

  4. On the Tax Codes page, click Edit next to the Tax Code you created.

  5. Check or clear the following boxes:

    • Exclude from Philippines Tax Summary - Check this box to exclude items with this tax code from the Philippines Tax Summary.

    • Percentage Tax - Check this box to set the tax code to Percentage Tax. The corresponding tax rate is applicable to VAT-Exempt transactions.

Related Topics

General Notices