E-Business Tax (MOSC)

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Is it feasible to use both self-assessed option and deferred option for a value added tax in Oracle

edited Aug 3, 2015 1:41AM in E-Business Tax (MOSC) 9 commentsAnswered

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

-------------------

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.

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