VAT Reporting for Korea

Transcription

1 VAT Reporting for Korea ERP CLOUD Oracle Financials for Asia Pacific Table of Contents 1. Purpose of the document Assumptions and Prerequisites Feature Specific Setup... 3 Security Console Configuration... 3 Create Job Role... 4 Assign users... 5 Legal Reporting Unit (LRU) Setup for VAT Report... 5 Create a Legal Reporting Unit... 5 Manage Tax Registrations for the created Legal Reporting Unit... 6 VAT Tax Setup... 7 Create tax regime (example KRVAT )... 7 Create input VAT tax... 7 Create tax jurisdiction (input VAT)... 9 Create tax status (input VAT)... 9 Create tax recovery rate (input VAT) Create tax rate (input VAT) Create output VAT tax Create tax jurisdiction (output VAT) Create tax status (output VAT) Create tax rate (output VAT) Tax Reporting Type (seeded) for Suppliers Resident Individual in Korea

2 Resident Corporation in Korea Foreign Corporation in Korea Foreign Individual in Korea Supplier Configuration Check Payments Check Addresses Check Sites Set Site Assignments Check Transaction Tax Supplier has a Taxpayer ID (Individual) Supplier has a Tax Registration Number (Corporation) Tax Reporting Type (seeded) for customers Industry Classification for Korea Industry Subclassification for Korea Screenshots of seeded examples of Korean Tax Reporting Types Customer Configuration Customer is Individual (Customer has Taxpayer ID) Customer is Corporation (Customer has TRN) Enter AP Invoices & Create AR Transactions Manage AP Invoice UI (VAT: Input) Manage AP Invoice UI (Exempt) Manage AR Transaction UI (VAT: Output) Manage AR Transaction UI (Exempt) Running VAT Reports for Korea Tax Invoice Summary by Customer Report for Korea Tax Invoice Summary by Supplier Report for Korea Tax Invoice Summary by Customer Electronic Media Report for Korea Tax Invoice Summary by Supplier Electronic Media Report for Korea Exempt Tax Invoice Summary by Supplier Report for Korea Exempt Tax Invoice Summary by Customer Report for Korea AR Tax Invoice for Output Tax Transactions for Korea

3 1. Purpose of the document This document explains the prerequisite setup, implementation, and usage guidelines for the following Korean VAT reports: Tax Invoice Summary by Customer Tax Invoice Summary by Supplier Tax Summary by Customer Electronic Media Report Tax Summary by Supplier Electronic Media Report Exempt Tax Invoice by Supplier Exempt Tax Invoice by Customer VAT Tax Report (AR Tax Invoice/Tax Invoice for Output Transactions) 2. Assumptions and Prerequisites In this document, the following entities are assumed to have already been set up: Data Security Geographies Enterprise Structure Ledger Business Unit Legal Entity Common setups for Receivables Common setups for Payables It is recommended that the Implementation Project is complete for your organization before commencing the Feature Specific Setup outlined below. 3. Feature Specific Setup The following flow shows the required setup for implementing the Korean VAT Tax. Security Console Configuration From the Navigator console, please navigate to Tools then to Security Console. 3

4 Create Job Role The current duty role (APAC Financial Reporting) to run the Korea reports is an orphan duty role. You must create a job role and assign a user before running Korea reports. The new job role name is Manage Asia Pacific financial reporting. Note: This job role must inherit the following APAC Financial Reporting duty roles: 4

5 - ORA_JA_APAC_FINANCIAL_REPORTING_DUTY(user will have privilege to submit report jobs) - ORA_JA_APAC_FINANCIAL_REPORTING_DUTY_OBI(user will have privilege to run the reports) Assign users Legal Reporting Unit (LRU) Setup for VAT Report Create a Legal Reporting Unit 5

6 Manage Tax Registrations for the created Legal Reporting Unit 6

7 VAT Tax Setup Create tax regime (example KRVAT ) From the Navigator console, please navigate to Setup and Maintenance then to Manage Tax Regimes. Create input VAT tax From the Navigator console, please navigate to Setup and Maintenance then to Manage Taxes. 7

8 Control and Defaults tab Tax Rule Defaults tab 8

9 Tax Accounts tab Create tax jurisdiction (input VAT) From the Navigator console, please navigate to Setup and Maintenance then to Manage Tax Jurisdictions. Create tax status (input VAT) From the Navigator console, please navigate to Setup and Maintenance then to Manage Tax Status. Create as many tax statuses as needed, for example, Standard and Exempt. 9

10 Create tax recovery rate (input VAT) From the Navigator console, please navigate to Setup and Maintenance then to Manage Tax Recovery Rates. Create tax rate (input VAT) From the Navigator console, please navigate to Setup and Maintenance then to Manage Tax Rates. Create as many tax rates as needed, for example, Standard and Exempt. 10

11 Create output VAT tax From the Navigator console, please navigate to Setup and Maintenance then to Manage Tax Regimes. 11

12 Control and Defaults tab Tax Rule Defaults tab 12

13 Tax Accounts tab Create tax jurisdiction (output VAT) From the Navigator console, please navigate to Setup and Maintenance then to Manage Tax Jurisdiction. Create tax status (output VAT) From the Navigator console, please navigate to Setup and Maintenance then to Manage Tax Status. 13

14 Create tax rate (output VAT) From the Navigator console, please navigate to Setup and Maintenance then to Manage Tax Jurisdiction. 14

15 Tax Reporting Type (seeded) for Suppliers From the Navigator console, please navigate to Setup and Maintenance then to Manage Tax Reporting Type. The Tax Reporting Type is used to link suppliers for the reporting filter. Resident Individual in Korea 15

16 Resident Corporation in Korea Foreign Corporation in Korea 16

17 Foreign Individual in Korea Supplier Configuration From the Navigator console, please navigate to Procurement then to Supplier. Check Payments 17

18 Check Addresses Check Sites 18

19 Set Site Assignments Check Transaction Tax 19

20 Supplier has a Taxpayer ID (Individual) If the Tax Organization Type of the Supplier is Individual, this supplier would have a Taxpayer ID. From the Navigator console, please navigate to Setup and Maintenance then to Manage Tax Registration. From the Navigator console, please navigate to Setup and Maintenance then to Manage Tax Registration. 20

21 Supplier has a Tax Registration Number (Corporation) If the Tax Organization Type of the Supplier is Corporation, this supplier would have a Tax Registration Number (TRN). From the Navigator console, please navigate to Setup and Maintenance then to Manage Tax Registration. Search for the Supplier created previously by Supplier name to enter Tax Registration Number information 21

22 Tax Reporting Type (seeded) for customers From the Navigator console, please navigate to Setup and Maintenance then to Manage Tax Reporting Type. The Tax Reporting Type is used to link customers for reporting filter. 22

23 Industry Classification for Korea Industry Subclassification for Korea 23

24 Screenshots of seeded examples of Korean Tax Reporting Types Industry Liquor Retail Merchant Code for Korea (seeded example of Industry Classification) Liquor Wholesale Merchant Code for Korea (seeded example of Industry Subclassification) Customer Configuration From the Navigator console, please navigate to Receivables then to Billing and create customers (can be individuals or companies). 24

25 Customer is Individual (Customer has Taxpayer ID) 25

26 Customer is Corporation (Customer has TRN) From the Navigator console, please navigate to Setup and Maintenance then to Manage Tax Registration and search for Third-Party Tax Profiles Search for the customer (company you create in the previous step). Navigate to the Tax Registrations tab and click Add 26

27 4. Enter AP Invoices & Create AR Transactions 27

28 Manage AP Invoice UI (VAT: Input) Manage AP Invoice UI (Exempt) 28

29 Manage AR Transaction UI (VAT: Output) Manage AR Transaction UI (Exempt) 5. Running VAT Reports for Korea Schedule New Process: 29

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31 Tax Invoice Summary by Customer Report for Korea 31

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33 Tax Invoice Summary by Supplier Report for Korea 33

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35 Tax Invoice Summary by Customer Electronic Media Report for Korea 35

36 Tax Invoice Summary by Supplier Electronic Media Report for Korea 36

37 Exempt Tax Invoice Summary by Supplier Report for Korea 37

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39 Exempt Tax Invoice Summary by Customer Report for Korea 39

40 AR Tax Invoice for Output Tax Transactions for Korea Reporting Level Detail is used for the normal case when there is an exact (1-1) match between the AR Invoice in the ERP system, and the AR Tax Invoice printed in the specific invoice layout format. In the case of Summary Billing, where the customer ( Name ) has requested for several ERP AR invoices to be combined into a single Tax Invoice to be printed in the specific invoice layout format, set the Reporting Level parameter to Summary. To reprint an AR Tax Invoice previously generated, please enter the Tax Invoice Number, and set the Reprint parameter flag to Y so that the exact information from the previous print will be reproduced. Reprint flag set to N means user is making adjustments in parameters to original printing. 40

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