New Features of Oracle Apps R12 EBTax

1) Tax Simulator:

•     Simulator is a powerful user interface too that can be used by Support,
•     Consultants, Customers, etc. to simulate Tax Calculation based on what-if scenarios.
•     It gives flexibility to test new and/or changed tax rules
•     Tax Simulator helps on audit trail with respect to which Tax Rules were satisfied in calculating a particular Tax
•     Tax Simulator can act as a light-weight transaction for entering Purchase
•     Orders, Invoices, Invoices matched against PO, etc.. that is integrated with
•     Tax Lines User Interface
•     Is a fast way to enter transactions with fewer validations to performwhat-if scenarios on tax calculation

Note: Tax Simulator emulates transactions, but does not trigger any real transactions
          This feature is completely new

2) Tax Repository:

•      Single source of transnational tax information (tax lines)
•      Support for tax reporting, tax accounting and tax reconciliation processes
•      Underlying infrastructure for users to view and/or modify (override) tax lines

 Note: This feature in completely new

3) Self-Assessment / Reverse Charge:

•      A self-assessed tax is a tax calculated and remitted for a transaction, where tax was not levied but it is deemed as due
•      The purchaser is responsible for calculating and remitting the tax e.g. a consumer/purchaser receives an invoice for $100 which is due to be paid to the supplier. Tax A (10%) was not charged on the invoice however the purchaser is deemed responsible to pay tax A. The purchaser would self-assess the $10 and remit it directly to the tax authority for tax A.

 Note: This feature is completely new

4) Tax Zone Types:

•     Defined to identify and groups correlated tax zones
•     Example: California Sales Tax Zone Type will be comprised of a handful of Californian cities which actually have city level sales tax rates

  Note: This feature is completely new

5) Tax Formulas

•     A tax formula is a special calculation not covered by the standard calculations available in the system
•     Example of tax formulas are:
•     To Calculate Taxable Basis
•     To Calculate Complex Compounding Rules
•     To Calculate Tax Amounts

Note: This feature is completely new, but in 11i user could define open PL/SQLformulas which will no longer be supported in R12

6) Tax Condition Sets:

•      Group of Tax Conditions
•      Defined for a Tax Determining Factor Set
•      Several Tax Condition Sets can be defined for the same Tax Determining Factor Set
•      Used in Tax Rules

 Note: This feature is completely new