Description of Tecta tax types

The Tax types register contains tax types consisting of a two-character ID.

These transparent IDs are predefined, with the second character denoting:

• B – goods
• S – services
• N – VAT is not accounted for or we are not eligible for a VAT refund
• R – purchase of real estate
• Z – purchases where VAT is not an expense recognized for tax purposes
• D – remote sales in the EU
• M – assembly or fitting of goods in the EU
• O – fixed assets
• A – reverse tax

and the first character denoting:

• 9 – tax rate of 9.5%
• 22 – tax rate of 22%
• 5 – tax rate of 5%

PANTHEON allows you to download new VAT rates from the web so you do not need to enter them manually in the register. This functionality is particularly useful in case the legislation changes (publishes) new VAT rates that need to be added to the register, or in any other case.

HINT For instructions on how to download the Tax types register from the web server, see the chapter Transfer registers.

The image below shows the tax types used by Tecta:

HINT For more information on Tax types register and the meaning of tax type IDs, see the chapter Tax types.