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Automate VAT on Assets

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edited Jun 11, 2021 10:40AM in Tax & Global 1 comment

Content

Dears,

We created a tax for tax rate 11%. This one will be applicable for asset accounts only in Payables Module.

Rules:

Supplier Registered in VAT?  (Y/N)
OR 
item subject to VAT

Rate:

11% on Assets

Example:

"We bought a chair from 2 suppliers where cost of chair = 100$
Supplier 1 (reg. in VAT): Cost of Chair x 11% = $111 -> TAX = 11$
Supplier 2 (No VAT): Cost of Chair  = $100"

Question:

What is the correct way to create the rules to automate the taxation process?

Thanks 
Patrick

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