Is it feasible to use both self-assessed option and deferred option for a value added tax in Oracle
Dear Colleagues,
Ref.
1) Oracle e-Business Suite R12.2
2) e-Business Tax
3) Payables
There is a requirement for a self-assessed deffered VAT in Azerbaijan.
Payment
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The VAT is not paid to the supplier's bank account here.
Instead, it is paid to a separate account in the State Teasury via a web site.
So, we have to self-assess it and pay it in a 3rd part system and then create accounting entries in GL from that 3rd party system.
Recoverable
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It is recoverable after the supplier's invoice is paid too. So, we need to activate the Deferred option.
Question
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When I tested it, the VAT was accounted at the invoice validation to the Deferred (Interim) Tax Account as a Debit and to the Tax Liability as a creadit.