Global Tax Reporting

The global tax report processing feature provides a reporting solution for all countries to manage their tax reporting requirements.

For some countries in Europe, Middle East, and Africa (EMEA) , Oracle Fusion Cloud Financials for EMEA provides predefined reports, such as the Italian VAT registers and the Spanish VAT journals. For other countries, use the tax data models to create your required reports.

Use the global tax report processing feature to organize tax report data according to the requirements of your company and the tax authority. The EMEA reports use the Oracle Tax data models to retrieve tax transaction information based on your tax configuration setup.

Global tax reporting:

Addresses your tax reporting requirements
Processes your tax reports

Addressing Your Tax Reporting Requirements

You can streamline your tax reporting with Oracle Financials for EMEA.

Use the global tax report processing feature to meet the following business needs of your EMEA countries:

Report tax, such as VAT, based on the tax registration number associated with the legal reporting unit.
Report tax, such as VAT, based on tax periods with tax calendars that are the same as or different from the accounting calendars.
Select transactions for reporting based on a user-defined tax reporting date.
Generate preliminary versions of tax reports in open tax periods to verify and correct data before finalizing the reports.
Close the tax period by running the final reports to prevent updating or double reporting of transactions to the tax authorities.
Provide separate sequential document numbering control for tax transactions using the tax registers.
Report correction transactions to previously closed tax periods and issued tax declarations as newly entered transactions in the open tax period.
Mark each transaction reported to the authorities with information identifying the submission period end date.
Retain tax transaction history without affecting the performance of the current tax reporting purposes.

Processing Your Tax Reports

The global tax report processing feature involves several broad user procedures.

Financial administrators and personnel must complete the following:

Set up prerequisite information for tax reporting. For example, set up the tax reporting codes for the EMEA VAT tax reporting type, and associate the tax reporting type and tax reporting codes to the tax setup.
Set up tax configuration details such as tax reporting entity and tax register.
Enter report processing details for a transaction such as tax reporting date.
Run the Select Transactions for Tax Reporting process to select all the accounted and unaccounted transactions to report within a tax period. You can run tax reports, general and country-specific, for unaccounted, accounted, and both unaccounted and accounted transactions. This helps you to run trial reports and make any corrections before submitting the final report to tax authorities. The selection is based on the tax registration number and tax reporting date, if you have completed the tax setup in Tax.

Note: You must set up the tax reporting configuration before running the Select Transactions for Tax Reporting process.
Run the preliminary versions of the tax reports.
Run the Finalize Transactions for Tax Reporting process.
Run the final or reprint versions of the tax reports.