VAT Implementation for GCC

Input Tax Calculation for Purchases in Oracle

Input VAT Implementation Process Flow in Oracle

Purchase

Purchase

Payables

Accounting

Reporting

Requisition

Order

Invoice

 

 

1.VAT Tax will be applied at Requisition and Purchase Order Level

2.VAT Tax will be applied from Purchase Requisition and the same will be defaulted to Purchase Orders.

3.At RFQ and Quotation, no Tax will be calculated.

4.Tax will be recalculated on the PO document created through Auto-Create.

5.VAT Tax will be applied at Payables Invoice level and we can alter the Tax Rates.

Define the VAT Tax Regime

Define the Tax

Define the Tax Statuses

Define the Tax Rate 5%

Define the Tax Rules

Define the Tax Jurisdiction

Apply the Input Tax Classification Code at Inventory Based Item

Create the Purchase Requisition for Taxable Item

5% VAT is Applied at Requisition Level

Create the Purchase Order for Taxable Item

5% VAT is Applied at PO Level