Tax Code Properties
Properties that define a tax code are shown as check boxes on a tax code record.
Some of the tax code properties are displayed only if you've installed the International Tax Reports. NetSuite uses these properties to generate values on each field of the VAT or GST reports. Properties you see on the tax code record vary depending on the country. For more information, see VAT and GST Reporting.
Property |
Check this box if: |
---|---|
Applies to Direct Cost Service Items |
This tax code identifies transactions involving direct costs in providing services. |
Applies to Service Items |
This tax code's for transactions related to services. |
Capital Goods |
This tax code's for transactions involving fixed assets or capital goods. |
Cash Register |
This tax code identifies transactions where the tax invoice was issued by a cash register. |
Default Code |
This tax code will be selected by default on transactions. |
Duplicate Invoice |
This tax code identifies transactions where duplicate copies of tax invoices need to be issued. |
E-invoice |
This tax code identifies transactions where the tax invoice was issued electronically. |
EC Code |
This tax code's for transactions with businesses or individuals in the European Community. Transactions with EC tax codes appear on the EC Sales List report.
Note:
Use this only for transactions outside your country but within the EU. |
Exclude From VAT/GST Reports |
This tax code won't show up on VAT or GST reports. |
Exempt |
This tax code's for flagging items that are exempt from tax |
Export |
This tax code's for international sales. |
Government |
This tax code identifies government-related transactions. |
Import |
This tax code's for transactions involving the importation of either goods or services. |
Import VAT |
This tax code identifies transactions that are imposed taxes by the customs agency. |
No Tax Credit |
This tax code identifies transactions that aren't eligible for tax credits. |
No Tax Invoice |
This tax code identifies transactions where a valid tax invoice wasn't issued or isn't needed. |
Non-Deductible |
This tax code identifies transactions that have nondeductible tax. |
Nonoperational Transaction |
This tax code's for nonoperating transactions or those not made in the normal course of business. |
Nonrecoverable |
This tax code's for transactions where the tax isn't recoverable from the tax authority. |
Nonresident |
This tax code identifies transactions by nonresidents of the country. |
Nontaxable |
This tax code identifies transactions that aren't subject to the tax law. |
Other Tax Evidence |
This tax code's for transactions where you use documents other than valid tax invoices as basis to claim input tax credits. |
Outside Customs Territory |
This tax code identifies transactions that are outside customs territory. |
Paid |
This tax code identifies transactions that are paid. |
Partial Credit |
This tax code's for transactions where you can only claim part of the tax credit. |
Post Notional Tax Amount |
This tax code's for posting accounting entries for notional tax amounts. If checked, you need to select the debit and credit account for notional tax amounts in the Notional Tax Debit Account and Notional Tax Credit Account fields.
Note:
This property is available only on tax code records for EU member states if a value is set for the Notional Rate Derived From field. The Notional Tax Debit Account and Notional Tax Credit Account must be associated to the tax code subsidiary. |
Purchaser Issued Invoice |
This tax code's for transactions where the purchaser can use a self-billing tax invoice or issue the invoice themselves. |
Reduced Rate |
This tax code's for transactions where the applicable tax rate is reduced from the standard tax rate. |
Reverse Charge Code |
This tax code's for transactions where reverse charge applies. |
Special Territory |
This tax code's for territories where the tax rate is different from the standard tax rate. |
Special Reduced Rate |
This tax code's for transactions with a further reduced rate which already applies to other types of transactions. |
Surcharge |
This tax code identifies transactions with surcharges. |
Suspended |
This tax code identifies transactions that are subject to the tax law but have been suspended by a temporary legal measure. |
Triplicate Invoice |
This tax code identifies transactions needing triplicate copies of tax invoices to be issued. |
Unknown Tax Credit |
This tax code identifies purchase transactions where the tax credit is determined by how the goods are used, which isn't known at the time of transaction. |
Related Topics
- Tax Control Accounts Overview
- Tax Types Overview
- Tax Codes Overview
- Creating Tax Codes
- Adding Custom Fields to Tax Code Records
- Editing Tax Codes
- Inactivating or Deleting Tax Codes
- Tax Groups Overview
- Creating Tax Codes - U.S. Nexus
- Creating Tax Codes - Canada
- Creating Tax Codes - United Kingdom
- Creating Tax Codes - Australia
- Creating Tax Codes - Other Nexuses