Some countries use a set of codes to identify legal classifications that have a tax requirement. E-Business Tax provides a fiscal classification type code for each set of country-specific legal activity codes, for use in tax determination. You can assign these legal activity codes to the tax regimes within the applicable country, and update the codes according to your tax requirements.
The legal classification types are determining factor names of the Legal Party Fiscal Classification determining factor class. When you select a legal classification activity code as a determining factor, the associated legal classification codes become available as tax condition values.
To update the tax usage of legal activity codes:
Navigate to the Legal Classification Tax Usage page.
Select for update the fiscal classification type code that you want.
If necessary, update the name and the effective date range.
Assign the legal activity code to the applicable tax regimes and enter an effective date range for each tax regime assignment.
Enter a tax regime assignment date range that is within the date range of the legal activity code and the tax regime.
If you associated tax reporting types with fiscal classification, enter any applicable tax reporting codes. See: Setting Up Tax Reporting Types for more information.