• Tax nexus – each nexus in which you collect and pay taxes.
• Tax schedule – Tax schedules permit different calculations of taxes on items, for different nexuses.
When the Advanced Taxes feature is enabled, the system creates tax schedules for each tax code.
• Tax codes – represents a tax collected from customers in a specific geographic area. It is paid on their
behalf to a taxing authority. The amount collected is based on a specific percentage rate.
• Tax group – combine taxes for all tax jurisdictions relevant to a transaction.
• Tax Reporting Periods- (Editions other than US and Canada) Periods to track tax reporting separately
from accounting periods. In NetSuite OneWorld, the same tax reporting periods apply across all
subsidiaries that use the feature.
• Tax Control accounts – These are Other Current Liability accounts in General Ledger that post and
track tax collection and payments.
• Tax types – provide categories used to link each tax code or tax group to a tax control account.
Available tax types depend upon the country selected for the tax code.