Managing Tax rate Changes

Changes to the tax rates do get announced by the tax authorities, and rules vary too. Administrators of accounts that have installed the NetSuite International Tax Reports are usually informed of rate changes coming up but it is your responsibility to ensure that the latest rates are being used.

To update tax rates:

1. Rename the current tax codes if you would like to use your own naming convention.
2. Create a new tax code by indicating the effectivity date in the Effective Date field. Because step 1 is renaming, step 2 requires the new tax code name to be the same name as the original.
3. Inactivate the old tax code or indicate the validity date in the Valid Until field.
4. If the Advanced Taxes feature is enabled in your account, update the tax schedules.
5. Update default tax codes on customer, vendor, and item records.