Working with Regional Tax Rates
The Tax Rates Regional and Apportionment form contains the regional tax and apportionment rates needed by the system to compute the regional provision for a specific entity.
The following rate types are available for each jurisdiction:
Table 12-7 Tax Rate Types
Tax Rate Type | Description |
---|---|
Prior Year Current Tax Rate |
The statutory tax rate for the prior year. This rate is used for informational purposes. |
Current Year Current Tax Rate |
The statutory tax rate for the current period. This rate is used in the following calculations. |
Opening Deferred Tax Rate – Non Current |
The beginning-of-year deferred tax rate to be used for temporary differences classified as non-current. |
Closing Deferred Tax Rate – Non Current |
The end-of-year deferred tax rate to be used for temporary differences classified as noncurrent. |
Opening Regional Tax Apportionment |
The prior-year apportionment percentage to be used by the system in the calculation of the opening tax balances in the deferred provision. |
Current Year Regional Tax Apportionment |
The current-year apportionment percentage to be used by the system in the calculation of apportioned income in the current provision and tax based on current-year activity in the deferred provision. |
Closing Regional Tax Apportionment |
The end-of-year apportionment percentage to be used by the system in the calculation of closing tax balances in the deferred provision. |
Active Region Flag |
Set the flag to identify the active Region (such as a US State) for which an income tax provision must be calculated. Tip: In order for data to flow correctly between National and Regional Jurisdictions, you must set the Active Region Flag for each active Jurisdiction in the Regional Tax Rates to Active. |