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Join the NetSuite community to innovate, connect, and discover what’s next.
SuiteWorld brings thousands of innovators, builders, and leaders together to learn, connect, and shape what’s next. This October, explore how to build a stronger foundation for growth through inspiring keynotes, major product reveals, hands-on sessions, and unforgettable moments—all in one place for our biggest event of the year. Register now
Join the NetSuite community to innovate, connect, and discover what’s next.
SuiteWorld brings thousands of innovators, builders, and leaders together to learn, connect, and shape what’s next. This October, explore how to build a stronger foundation for growth through inspiring keynotes, major product reveals, hands-on sessions, and unforgettable moments—all in one place for our biggest event of the year. Register now
UK VAT on EU Acquistions
Please read this if you trade with the EU and use the ES and R-GB VAT codes. These clarifications result from the recent change in the VAT rate in the UK.
For EU acquisitions, the tax rate is 0% but the notional rate is not stored on the transaction in NetSuite: it is derived from the purchase tax code used on the transaction.
NetSuite recomends that you create two new tax codes (TES and TR-GB) with a rate of 0.00% and link this to the TS tax code in the "Notional rate Derived From" field.
This way any EU acquistions you may have earlier at the notional rate of 17.5% will continue to get reported correctly on the VAT100 return. (In the VAT100 Return, EU acquistions affects the reporting values in boxes 2 and 4).
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