Depending on the component, a set of codes can be created automatically at installation. When IFS/Invoice is installed, a set of Tax codes is created. Tax codes are used when entering information on customers and suppliers, or when entering invoices and manual postings with mandatory Tax reporting requirements.
The Tax Codes page in IFS/Accounting Rules contains information on taxation codes. These codes are used for supplier invoices and customer invoices in IFS/Invoice and IFS/Payment. When the system is started up, the tax codes below are created automatically. You may define any other tax codes before bringing the system into operation. Note: EU means the European Market.
E0 = EU Tax 0%
E1 = EU Tax with no reduction, goods, 25%
E2 = EU Tax with reduction 1, goods, 12%
E3 = EU Tax with reduction 2, goods, 6%
E4 = EU Tax with no reduction, services, 25%
0 = Tax 0%
1 = Tax with no reduction, 25%
2 = Tax with reduction 1, 12%
3 = Tax with reduction 2, 6%
N = No TAX