How to Define Transaction tax thresholds for a Multi tier ?
Last updated on MARCH 08, 2017
Applies to:Oracle Fusion Payables Cloud Service - Version 184.108.40.206.0 and later
Information in this document applies to any platform.
On : 220.127.116.11.0 version, Withholding Tax
For Florida Sales Tax requirements, the following represents a "capped" or "tiered" model of taxability:
- Item cost = $5,100.00
- For $0.00 to $5000.00, Tax is calculated @ 6.5% (the $5,000.00 represents the "capped" amount) - Tier 1
- Any amount at $5000.01 and above, Tax is calculated @ 6.0% ($100.00 * 6.0%) - Tier 2
While use of a Threshold Control offers some ability to define a range of $ amounts applicable to a Tax Rate, it doesn't resolve the tax calculation for any amount above a cap/tier.
1.) In Cloud, is there any specific functionality to accommodate a capped or tiered model of taxation?
2.) In Cloud, is there any particular way to model a Tax Rule(s) to accommodate a capped or tiered model of taxation?
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