Enhancement request for UK , Germany And Spain Tax Reporting (Doc ID 2021261.1)

Last updated on MARCH 09, 2017

Applies to:

PeopleSoft Enterprise FIN Asset Management - Version 9.2 and later
Information in this document applies to any platform.

Goal

For Tax reporting in Germany, depreciation of low value assets (identified as items with cost between EUR 150 and EUR 1,000) should be based on asset pooling. Low value assets need to be pooled by year placed into service and depreciated over 5 years (full year convention). Pool would not be adjusted for retirements/disposals. How can profile be created/modified to pool by low value, yet maintain existing depreciation attributes/useful lives?

For Tax reporting in the UK, depreciation of assets should be based on pooling concept. Current year depreciation should be based on Prior Year pool cost plus/minus additions/disposals multiplied by a percentage for that pool. Further, cost can be subject to limits. Disposal gain/loss adjusted based on percentage of total cost to cost limit. Further, a cost allowance is given for total purchases up to a given threshold. This allowance is referred to as the Annual Investment Allowance (AIA). How can profiles be created/modified to pool assets by type/class? Further, how is the AIA addressed?

For Tax reporting in Spain, depreciation of assets carries a limit, based on a percentage of the total annual cost incurred. How is this limit configured/reported for a Spain tax book?
 

Solution

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