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Best Practice - Tax Reporting
Hello Gurus,
I have an interesting topic to discuss. We currently have a subsidiary set up in the US that reports its corresponding taxes. Now, we are planning to introduce another subsidiary in the same region.
From my understanding, setting up a new subsidiary automatically creates a tax agency for that subsidiary. In our case, we already have a tax agency for the US1 subsidiary. If my understanding is correct, adding the new subsidiary will create another tax advisory for US2 subsidiary.
I plan to reuse the existing tax account for reporting purposes while using the new tax agency (vendor) to report and pay taxes for the new subsidiary. Additionally, I intend to avoid creating a new tax control account and instead utilize the existing one for both subsidiaries.
Thanks & Regards,
~BN