9.2 Process Tax Compliance Setup Detail

This topic provides the systematic instructions to capture tax compliance type, limit maintenance, and limit currency details.

You can also maintain the financial calendar year for reporting account balance.

As part of reporting requirement, you need to submit the account balance as on a calendar year for high value reportable accounts. The financial start and end date field will define the calendar year followed for the reporting.

You can also use Tax Compliance Setup Detail to define the rule effective date, due diligence date, individual account limit, corporate account limit and calendar year to be followed for reporting.

1. On Home screen, type UTDTCS in the text box, and click Next.
   The Tax Compliance Setup Detail screen is displayed.

   Figure 9-1 Tax Compliance Setup Detail

   
   

   
   Description of "Figure 9-1 Tax Compliance Setup Detail"

   
   
2. On Tax Compliance Setup Detail screen, click New to enter the details.
   For more information on fields, refer to the field description table.

   Table 9-1 Tax Compliance Setup Detail - Field Description

   Field	Description
   Tax Compliance Rule Type	Alphanumeric; 10 Characters; Mandatory Specify the tax compliance codes applicable based on rules maintained at PARAMS. Alternatively, you can select tax compliance code from the option list. The list displays all valid tax compliance maintained in the system.
   Description	Display The system displays the description for the selected tax compliance code.
   Effective Date	Date Format; Mandatory Select the effective date for the tax rule to be applicable in the system from the adjoining calendar.
   Due Diligence Date	Date Format; Mandatory Select the due diligence date for the rule being implemented.
   Limit Currency	Alphanumeric; 3 Characters; Mandatory Specify the limit currency in which the tax rule type is applicable.
   Currency Name	Display The system displays the name of the currency for the selected limit currency code.
   Individual Account Limit	Numeric; 18 Characters; Optional Specify the account balance value for individual account.
   Corporate Account Limit	Numeric; 18 Characters; Optional Specify the account balance value for corporate accounts.
   De minimis Individual Limit	Numeric; 18 Characters; Optional Specify the de minimis limit for individual account.
   De minimis Corporate Limit	Numeric; 18 Characters; Optional Specify the de minimis limit for corporate accounts.
   Fiscal Year Start Date	Date Format; Mandatory Specify the financial year start date for reporting the account balances of the reportable account.
   Fiscal Year End Date	Date Format; Mandatory Specify the financial year end date for reporting the account balances of the reportable account. Note: Once the financial year start and end date are authorized, you cannot change these values. The system will do the incremental date change.

3. Create only one Tax compliance type in the system, for instance, for Compliance Type selected as Common Reporting Standard, the system will not allow one more tax compliance type for common reporting standard.
4. You cannot delete or change the Tax rule and effective date once saved and authorized.
   The rule will be applicable across UT and LEP income for a UH and reportable country. The unit holder income reportable will be for confirmed units which include blocked units as well.