In the Create Global Tax Rates panel, you can add global tax rates to Eagle Accounting. The Create Global Tax Rates panel specifies the amount of the tax reclaim and withholding.
To create a global tax rate:
- In Accounting Center, in the left navigation pane, click Setup > Tax Rates > Global Tax Rates > Create Global Tax Rates.
You see the Create Global Tax Rates panel. - Complete the options on the Create Global Tax Rates panel.
- Click Submit.
The following are the options in the Create Global Tax Rates panel.
Option | Tag | Description |
|---|---|---|
Distribution Type | 670 | Specifies the type of income. Interest, Dividend, and Stock Dividend are the only recognized distribution types that Eagle Accounting uses when calculating entitlement and applying tax withholding and, if applicable, tax claim processing. Options include:
|
Begin Date | 71 | Identifies the first date of the tax rate period. |
End Date | 73 | Identifies the last date of the tax rate period. If you do not specify a value, the rate is assumed to exist indefinitely from the Begin Date. |
Country of Tax | 1193 | Specifies the name of the country in which the entity is domiciled. If you enter a value for the Country of Tax field, the system fills in the Country of Tax Code field with the corresponding value. The dynamic lookup is based on the COUNTRY CODE code category. |
Country of Tax Code | 1342 | Specifies the ISO country code of the country in which the entity is located. The system provides the list of countries and their associated ISO country codes in the COUNTRY CODE code category as part of the installation upgrade process. If you enter a value in the Country of Tax Code field, the system fills in the Country of Tax field with its corresponding value. |
Issue Country | 2290 | Specifies the name of the country that issued the security. |
Issue Country Code | 1418 | Specifies the code that represents the country that issued the security. |
Entity Tax Type | 3929 | Defines the entity's tax status and allows you to group entities for tax accounting purposes. The system uses this value to calculate tax withholding and tax reclaim rates. You can group entities by entity tax type, entity tax qualifier, or both. Options for this field are user defined. The system is installed with a set of values for this field. You can add additional values for this field using the Codes workspace for the ENTITY TAX TYPE code category. |
Entity Tax Qualifier | 3930 | Defines the entity's tax status and allows you to group entities for tax reporting purposes. The system uses this value field to calculate tax withholding and tax reclaim rates. You can group entities by entity tax type, entity tax qualifier, or by both. Options for this field are user defined. The system is installed with a set of values for this field. You can add additional values for this field using the Codes workspace for the ETAX QUALIFIER code category. |
Primary Exchange | 2291 | Specifies the name of the marketplace where securities of this tax type are traded. For example, New York Stock Exchange. |
Primary Exchange Code | 17 | Specifies the exchange code of the marketplace where securities of this tax type are traded. For example, NYSE. If you select a code value of ALL, this defaults all exchanges maintained in the Code Value table. |
Issue Tax Type | 668 | Identifies the security's tax structure. For example, FI, EQ. You must also define the Issue Tax Type in each security master file for which it applies. If you specify a value of ALL for the global tax rate, it defaults all issue tax types. |
Override Indicator Code | 669 | Indicates whether you can override the global tax rate using the Override Tax Treaty panel. Options include:
|
Tax Withholding Rate | 1295 | Specifies the withholding rate associated with the global tax rate. Enter the rate to apply in the number format, ##.##. For example, enter 20.5 to specify a rate of 20.50%. |
Tax Reclaim Rate | 1296 | Specifies the reclaim rate associated with the global tax rate. Enter the rate to apply in the number format, ##.##. For example, enter 20.5 to specify a rate of 20.50%. |
Avoir Withholding Rate | 1297 | Specifies the withholding rate used for Avoir Fiscal dividend processing. If you enter this value for a global tax rate, you must set the corresponding Tax Withholding Rate field to a value of 0 (zero). When companies that are receiving dividends from profits, on which tax has already been paid by the distributing company, receive a tax credit attempting to avoid double taxation on that income, it is called an Avoir Fiscal. The Avoir Fiscal is reserved for dividends paid out by French companies that are subject to corporate tax, and it is equal to 15% of the amounts distributed (when the shareholder is a legal person). |
Avoir Reclaim Rate | 1298 | Specifies the reclaim rate used for Avoir Fiscal dividend processing. If you enter this value for a global tax rate, you must set the corresponding Tax Reclaim Rate field to a value of 0 (zero). When companies that are receiving dividends from profits, on which tax has already been paid by the distributing company, receive a tax credit attempting to avoid double taxation on that income, it is called an Avoir Fiscal. The Avoir Fiscal is reserved for dividends paid out by French companies that are subject to corporate tax, and it is equal to 15% of the amounts distributed (when the shareholder is a legal person). |
Description | 1104 | Specifies a description for the global tax rate. |
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