What is Multiple Tax Component? How it is used?
Multiple Tax components is a switch on/off button. Switch this button On when multiple taxes are added to make a tax code. For example, New York City has the consolidated tax applicable on sale of goods as 8.875%. This comprises 2 components (i) New York State Tax (4%) and (ii) New York City Tax (4.875%). In this case the tax rate will be 8.875% and the “Has Multiple Tax Component” option will be switched on.
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