Chapter 16: Oracle Fusion Tax Implementation

Hi friends, We are in the Oracle Fusion Tax Implementation series. This is the Lesson number 16 of this series. Lets start and learn how to Implement the Taxation in Oracle Fusion.

Main Defaults: 

Tax Inclusion Method: Standard noninclusive handle 

Allow ad hoc tax Rate: Yes

Allow Tax Exemptions: Yes

Allow Tax Exceptions: Yes

Tax Point Basis: Invoice

Adjustment for Ad Hoc Tax Amounts: Taxable basis.

Creating Tax Rates for Transaction Taxes under Tax Regime in Oracle Fusion

Tax Accounts:

Click on the ‘+’ icon to create the Tax Accounts.

Chapter 16: Oracle Fusion Tax Implementation

Select the Ledger: ABC CORP LEDGER

Business Unit: ABC CORP

Chapter 16: Oracle Fusion Tax Implementation

Need to define the Interim Tax Account and Tax Liability Account. This is mandatory Setup accounts.

Chapter 16: Oracle Fusion Tax Implementation