1.5 Identifying Tax Components for a Product

In Oracle Lending, you can compute the tax that applies on a contract or deal by:

• Setting up a tax rule.
• Linking tax rules to create a tax scheme.
• Associating a product with a tax scheme. The rules that are part of the scheme applies on all contracts processed under the product.
• Amending, if required, certain tax details that a contract acquires from the product under which it is processed.

You can identify the tax components for a product in the Tax Details screen. Click Tax in the Bilateral Loans Product Definition screen of any module to access this screen.

The steps involved in processing tax for a contract is explained in the Tax User Manual.