This solution enables the calculation of Excise Tax. When entering a sales order, depending on the type of product, different tax needs to be applied.
Possible instances that a product may be exempt from excise tax or have specific tax rates applied:
- by type of product
- based on location
- by country
- by state or province
- by city
Our solution allows for the management of all excise tax from a central point as well as has the ability to run reports to submit to tax agencies. A tax table is created to be able to perform the solution.
When entering an order in NetSuite the system calculates the excise tax on top of the regular tax upon saving of the transaction.
Reporting of the excise tax for remittance is done with a click of a button.