Change
- Belgium Localization
- EMEA Localization
- Netherlands Localization
- New Simplified India GST Tax Return Reports
- Sweden Tax Reports
- United Kingdom Localization SuiteTax Support for Non-Claimable Reverse Charge Tax
Types
In NetSuite 2020.1, a new non-claimable reverse charge tax type is available to ensure that both reverse charge and post to item cost can be selected on the same tax type.
Non-claimable reverse charge tax type supports non-claimable tax deductions on reverse charge tax
types. For example, you can apply this tax type when you buy products from a different country and must pay VAT to your domestic tax authority, but cannot claim the reverse charge tax from your tax authority. This enhancement also supports existing customers and partner requirements based on local tax rules. Note: The combination of both properties is allowed only when you create the tax type for the first time. These settings cannot be edited later. For further information, see Non-Claimable Reverse Charge Tax Type.