Configuration Steps for Fusion Transaction Tax

Tax Regimes:

• Establish the overarching system or method of taxation relevant to a particular country or jurisdiction.

Taxes:

• Under each tax regime, define the specific types of taxes (e.g., VAT, GST, Sales Tax) that will be applied.

Tax Statuses:

• Determine the various statuses a tax can hold, indicating its applicability or inapplicability under certain conditions.

Tax Jurisdictions:

• Identify the specific geographic or administrative areas where a tax rate or rule applies.

Tax Rates:

• Set the percentage or fixed amount to be applied for each tax within its respective jurisdiction.Tax Recovery Rules:

• Specify the conditions under which taxes can be recovered or reclaimed.

Tax Exemptions:

• Define scenarios or entities that are exempted from certain taxes.

Tax Reporting Codes:

• Set up codes to aid in the reporting and categorization of taxes for financial and regulatory purposes.