Tax codes provide the information tax engines, ERP’s or accounting systems need to correctly identify the right VAT, GST or sales tax rates and reporting for any transaction. Whilst there is no standard format, they are typically made-up of a collection of alpha and numerical figures. These capture the key treatments and rules needed to breakdown the VAT rates, calculations and reporting requirements for any transaction.
Source: vatcalc.com
Latest Posts in "World"
- VATupdate Newsletter Week 37 2025
- Worldwide Upcoming E-Invoicing mandates, implementations and changes – Chronological
- Peppol – Invoice type code (UNCL1001 subset)
- Navigating the Risks of the use of Digital Reporting and E-Invoicing in the Age of Advanced Fraud Detection
- The Risks of Using Outdated VAT Numbers