How Minimum Tax Value (MTV) Be Captured And Processed In RMS Transactions?
Last updated on JANUARY 19, 2017
Applies to:Oracle Retail Merchandising System - Version 15.0.1 and later
Information in this document applies to any platform.
Some countries are requiring Value Added Tax(VAT) to be charged on the recommended retail price, namely Minimum Tax Value (MTV).
The effect is that if these items are sold for a price less than the MTV, VAT due is based on the MTV.
Retail Merchandising System(RMS) base product captures VAT rate, VAT code and VAT regions with which the input and output VAT are calculated for Purchase, Return to Vendor, Sale, Return and inter-company transfer.
How this functionality can be extended to capture a minimum tax value and apply the MTV if the calculated VAT is less than MTV.
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