Oracle ebtax/etax/e-business tax

Latest Questions and Answers form our GCC VAT Webinar

please see: https://www.innovatetax.com/how-will-vat-in-the-gcc-affect-your-erp-solution-questions-and-answers-from-presentation

Oracle India Tax Recovery – Warning on Tax Credits

please follow this link to see our latest new from our new website;

 

https://www.innovatetax.com/india-gst-be-warned-there-is-a-storm-ahead-a-warning-on-gst-recovery

India GSTN GST Registation Number Format

please see this link at our new website

https://www.innovatetax.com/india-gst-registration-number-format-state-pan-form-gst-and-india-state-codes-for-gst

 

How To Recover India GST (CGST, SGST, IGST, UTGST)

Please see our new website for this article;

https://www.innovatetax.com/india-gst-order-to-recover-gst-igst-cgst-sgst-utgst

Croatia VAT Changes

The Croatian Prime Minister has announced plans to reform the tax system. The main changes are being made to Income Tax, Corporate Tax and VAT with smaller changes in the real estate sales taxes, excise duties, and a number of other tax-related laws. These changes are  being implemented in order to ‘establish a stable, sustainable and predictable tax system’.

With regards to the changes to the VAT system. The standard rate will be reduced from 25% to 24%, but they will also be combining the two current reduced rates of 13% and 5% to a single reduced rate of 12%. These are expected to be implemented on the 1st of January 2018.

Businesses will need to make sure that they are ready for these changes to ensure that they are charging the correct VAT especially if they deal with any reduced rate goods or services.

Fusion Withholding Tax

Fusion provide two options when configuring Withholding Tax.

Simple Configuration

The simple configuration uses Withholding Tax Group code on the Invoice to generate the withholding tax

fusion-witholding-tax-1 fusion-witholding-tax-2

fusion-witholding-tax-2

The Withholding Tax Group is defaulted from the supplier or supplier site. This indicates if the supplier or supplier site is registered for Withholding Tax

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UKOUG Partner Of The Year Awards 2016

Voting is now open! – Vote for eBiz Answers today!

 

eBiz Answers are proud to announce that we have been shortlisted for Innovative Service Partner of the Year at the UKOUG Partner of the Year Awards 2016.
These awards provide recognition to Oracle Partners for the contributions they make by providing their services to Oracle users. This year’s UKOUG Partner of the Year Awards will be presented on the 13th October 2016 at the new style Café de Paris, London.

After great success winning the Innovator of the Year Award at the International Tax Review’s European Tax Awards we hope to continue the winning run with the support of our clients and customers.

To Vote for eBiz Answers Ltd go to http://www.ukoug.org/2016-events/partner-of-the-year-awards/voting/
Voting Closes on the 12th September 2016
For further details of the Awards, including shortlists visit http://www.ukoug.org/2016-events/partner-of-the-year-awards/

How will Brexit impact Indirect Tax?

The short answer is that no one knows for sure how the decision from the 23rd June 2016 will affect businesses and with negotiations yet to start it will be some time before we have a clear idea. It is a challenging time, which is why eBiz Answers is hosting a series of webinars that will focus on what Brexit means for indirect taxes.

The webinars led by Neil Cubbage who has almost 7 years Fusion Tax experience with Oracle and Andrew Bohnet, the current Oracle Tax Management Special Interest Group chair, will look at what is likely to happen and how this will affect your Oracle configuration and processes around your Oracle eBusiness indirect tax solution. We will discuss how Brexit will impact all aspects of your Oracle eBTax or your Oracle Cloud (Fusion) solution, the reporting requirements such as the European Sales Listing Report, Intrastat reporting and the VAT return and the impact on other modules such as order management or projects.
 

From an indirect tax perspective, we will ask the question, does it matter if we are in Europe if we are not part of the European Union? ‘Leaving the EU’ is a confusing term because the UK is very much a European country, just like Norway and Switzerland who are also not part of the European Union, but are in Europe and function perfectly well without the complex requirements surrounding VAT and the EU.
 

We will focus on, what the alternatives are to being part of Europe around indirect tax, the Mini-One-Stop-Shop (MOSS) for example. Our aim is that the webinars will help you prepare your business for the challenges ahead to make sure you are ready for the changes when they come.
 

To register for these upcoming webinars please visit: www.ebizanswers.net/how-will-brexit-impact-indirect-tax

 

 

 

Adding Real Time Analytics to your Tax Department’s Indirect Tax Toolkit

eBiz Answers have recently added Real Time Tax Analytics to their indirect tax toolkit,  the application has designed specifically with the tax department in mind.   Real Time analytics is a user friendly web application which will inform the tax department of a transaction with a potential tax issue within seconds of it being entered.   This allows the tax department to identify and correct issues at source and empowering the tax department to be involved in the end to end process.

The ever increasing use of technology by Tax Authorities for tax compliance is directly impacting the inner workings of the tax department.     The VAT landscape is changing rapidly across the globe as Tax Authorities introduce technology to crackdown on tax avoidance and ensure corporate tax transparency.    From South American to Europe,  tax authorities are passing regulation to ensure companies provide accounting data in a standardised format, direct from their ERP applications on a monthly basis.  The tax authorities can then check the file, validate the data and ensure compliance.   Poland has introduced electronic filing with SAF-T files from the 1st July to join Portugal, Luxembourg, Austria and Lithuania who are already using the SAF-T filing format.

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To Global or Not to Global, that is the question – Oracle Configuration Owner

There should only be one choice

We would never set up a tax solution using anything other than the Global Configuration Owner, so why are so many companies configuring their oracle ebusiness tax engine with it set to be party specific? By that I mean when setting tax rates and rules up then linking them directly to an operating unit.

So why do people set them up this way? Well the short answer is because they don’t know what they are doing. That statement maybe a little harsh so let me justify it.

What is the Tax Configuration Owner?

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Oracle ebusiness tax – when to use a tax jurisdiction

Linking a tax jurisdiction to a tax rate.

Whether its R12 eTax, eBTax or Oracle Cloud (Fusion) Tax, with Oracle eBusiness Suite, every Tax created under a Tax Regime needs a ‘Tax Jurisdiction’ if it wants to be enabled for transactions. Under the Oracle tax engine, a tax jurisdiction only applies to certain types of taxes.

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What Exchange Rate To Use For Foreign Currency Invoices From Domestic Suppliers

Do I have to use the exchange rate on the supplier invoice when entering a domestic invoice with a foreign currency.

Most ERP systems, good ones at least such as Oracle and SAP, will allow you to enter and store an exchange rate to use for your foreign currency invoices so that the foreign currency will then be automatically converted to your ledger currency when posted. There are also times when you may receive a foreign currency invoice, USD is the most common scenario, from a domestic supplier and VAT is charged because the sale is within the same country.

The problem

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How to Transfer Invoice Tax Variances in Average Costing Organization

Oracle Payables will calculate Invoice Tax Variances when there is a non-recoverable tax that has been calculated at AP invoice entry that was not included on the Purchase Order.    In an average costing organization this tax variance should be transferred to the inventory valuation to ensure that the correct item cost is calculated.     Please see attached video for a demonstration of this functionality in Oracle R12.

How do you make indirect tax interesting? Revolutionise it!

As published in the Tax Technologist – specialist newsletter.

After I had done my part on a recent Oracle R12 presales presentation, I received the comment “I usually find tax really boring but somehow Andrew made that enjoyable to listen to”.  In fact, I always get a fantastic engagement when I talk about our indirect tax solutions in Oracle ERP systems (Oracle R12 and Fusion or Oracle Cloud as it is now known). The reason for this is simple, we are trying to make a difference and change the indirect tax process status quo.

We understand indirect tax and we are experts in Oracle, so we perfectly translate between the two. The majority of solutions we see usually fall well below what should be an acceptable solution. Maybe 90% either are or are considered at risk of being non-compliant as they rely almost entirely on a manual solution. Continue Reading

Oracle eBTax – The Best Return on Investment You Will Get

As with everything, ‘if you want a better solution, you need to first have a better understanding of the problem’ and this is so true when it comes to indirect tax. Oracle’s eBTax (e-Business Tax) and Fusion Tax (or Oracle Cloud as it is now known) are probably the most powerful and certainly the most versatile tax engines on the market, but their versatility is because they are Oracle modules and not a third party product.

As published in Issue 60 of the Oracle Scene from the UKOUG – Summer 2016.

One thing I learnt many years ago (whilst on my first Oracle project), when I was trying to work out how to correctly setup transaction types, was that the best thing about Oracle is how configurable it is. Conversely, the worst thing about Oracle is how configurable it is! It’s a double-edged sword and if you know how to control the power given to you then Oracle can be configured to achieve what you need. Continue Reading