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VatRate
The decimal rate for calculating the VAT (0.175 = 17.5%).
Required if
VatFlag
is0
or1
. Ignored ifVatFlag
is 2.Prohibited for microtransactions.
The value of
VatRate
is the VAT percentage expressed as a decimal value between 0.0 and 1.0. For example, current UK VAT rates are:
Name of Tax Percentage What You Assign to VatRate standard-rate17.5%
0.175
reduced-rate0.08
zero-rate0%
0
Setting
VatFlag
to2
(VAT exempt) is not equivalent to settingVatRate
to 0.0 (zero-rate). If a product is VAT exempt, the seller cannot reclaim VAT paid on raw materials used to create that product. By contrast, if a product is zero-rate, the seller can reclaim VAT paid on raw materials used to create that product.Consult your local VAT office for the current rates and VAT classification of the products you are selling.
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Oracle Miscellaneous Reference
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