![]() Every sales tax settlement period must be assigned to a sales tax authority. Sales tax settlement periods define the intervals at which sales tax must be reported and paid to the sales tax authority. A sales tax code stores the tax rates and calculation rules for the sales tax.Įvery sales tax code must be linked to a sales tax settlement period. The following diagram shows the entities of the tax setup and how they are related.įor every sales tax that a company must account for, a sales tax code must be defined. Periodically, they must be reported and paid to tax authorities. ![]() These taxes are calculated and documented during purchase and sales transactions. The sales tax framework supports many types of indirect taxes, such as sales tax, value-added tax (VAT), goods and services tax (GST), unit-based fees, and withholding tax. It explains the elements of the sales tax setup and how they work together. This article provides an overview of the sales tax system.
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