VAT
- Mandatory Property Tax Code
Specify whether tax explanation codes are required for buildings and units.
If you select this check box, a tax explanation code is required for building and units. The system returns an error if you add a new unit or building and do not specify a tax explanation code.
If you clear this check box, a tax explanation code is not required for building and units.
- VAT Override Allowed
Specify whether to return an error or display a warning message when the user overrides the system-calculated VAT amount.
If you select this check box, the system returns an error when the user overrides the VAT amount.
If you do not select this check box, the system displays a warning message when the user overrides the VAT amount.
- Allow Interest Tax Code Change
Specify whether to allow overrides to the tax explanation codes on interest amounts.
If you select this check box, the system does not enable overrides to the tax explanation code on interest. The system assigns the value entered in the Tax Exempt Code field.
If you do not select this check box, the system enables overrides to the tax explanation code on interest. If a tax explanation code is not specified, the system assigns the default code for exempt.
- Tax Exempt Code
Enter a user-defined code from UDC table 00/EX that specifies the default tax explanation code to assign to buildings and units that are exempt from taxes. If specified, the system assigns the same tax explanation code to interest amounts, since tax should not be applied to interest. Tax explanation codes must begin with the letter E.
- Tax Exempt Area/Rate
Enter a value to specify the default tax rate area to assign to buildings and units that are exempt from taxes. If you enter a value, the system also assigns the tax rate area to interest amounts.
Note: This tax area is not the same as a tax area that represents a zero rate.