Tax Rates
Overview
A Tax Rate is the percentage at which an individual or corporation is taxed.
The Tax Rates Data Model is designed to provide a unified representation of tax rates across various accounting platforms.
- Unified tax rate properties: The model unifies essential tax rate details, such as name, code, effective tax rate, and total tax rate, streamlining the handling of tax data from different platforms.
- Tax components support: The data model encompasses an array of individual tax components, enabling the representation of complex tax structures and relationships between components.
- Effective tax rate calculation: The model accounts for the compounding effects of all tax components, providing an accurate effective tax rate for each entry.
Properties Supported
| Property | Type | Description |
|---|---|---|
| platform_id | string | The Platform’s ID for the tax rate |
| name | string | Display name |
| code | string | Simple ID for the tax rate |
| tax_type | string | The type of tax as mentioned in the accounting platform |
| effective_tax_rate | float | The total tax rate after accounting for the compounding effects of the all tax components |
| total_tax_rate | float | The sum of all the tax rate components |
| components | Tax Component | An array of all the tax components |
Tax Components
The Tax Components Data Model complements the Tax Rates Data Model by providing detailed information about individual components of tax rates.
- Essential component properties: The model captures important tax component details, such as name, code, and rate, making it easier to work with tax components from various platforms.
- Compounding effect tracking: The
is_compoundproperty indicates whether a tax component has a compounding effect on the overall tax rate, allowing for accurate tax rate calculations. - Seamless integration with Tax Rates Data Model: Tax Components are integrated as part of the Tax Rates Data Model, ensuring a comprehensive representation of tax rate structures and relationships.
Properties Supported
| Property | Type | Description |
|---|---|---|
| name | string | Display name |
| code | string | Simple ID for the tax component |
| rate | float | Tax Rate |
| is_compound | boolean | If the tax rate has a compounding effect |