TaxML Vocabulary - OASIS
Tax XML BASC Vocabulary with reference to XBRL schemas, USFR and IAS taxonomies
|Term |Definition |Synonyms |Generalizations / |Roles |Schema |
| | | |Enumerations | | |
|Acquisition |An “import” from one European Union state to another is now | | | | |
| |known as an acquisition, reflecting the fact that there are | | | | |
| |no longer any national barriers within the Community. | | | | |
| | | | | | |
| |Instead of having to pay import VAT to achieve clearance of | | | | |
| |the goods at the point of entry into the Member State, the | | | | |
| |acquirer will account for VAT (acquisition tax) due on the | | | | |
| |acquisition of the goods as part of his normal VAT accounting| | | | |
| |(via his usual VAT return). The acquisition tax will | | | | |
| |therefore usually be paid and reclaimed on the same VAT | | | | |
| |return (some EU Member States require a one month delay | | | | |
| |between accounting for the acquisition tax and reclaiming | | | | |
| |it). This accounting process is known as the “postponed | | | | |
| |accounting” system. | | | | |
|Acquisition Date |The date on which an asset is purchased or obtained. The | |Generalization: | | |
| |date on which ownership is transferred into the name of the | |- Date | | |
| |purchaser. | | | | |
|Address |The designation of a place for delivery of mail by a postal |- Postal Address | |Roles: |TaxProgramBaseTypes |
| |service. | | |- Taxpayer Address|(California) |
| | | | |- Contact Address |IRSXMLGeneralElements |
| | | | |- Bill To Address |(IRS) |
| | | | |- Ship To Address |PostalAddress1.2 |
| | | | | |(HR-XML) |
| | | | | |PostalAddressType |
| | | | | |(ebXML) |
| | | | | |xAL |
| | | | | |(CIQ) |
| | | | | |UBL_Library-Op64 |
| | | | | |(UBL) |
| | | | | | |
|Appreciation |Any increase in the value of property resulting from causes | | | | |
| |other than additions or enhancements to the property, such as| | | | |
| |greater demand, improved economic conditions, increasing | | | | |
| |price levels, and reversal of depreciating environmental | | | | |
| |trends. | | | | |
|Assessed Value |The final value of property that is agreed upon by the entity| | | | |
| |and a jurisdiction. | | | | |
|Assessment |The amount of tax, penalty and/or interest claimed to be due | | | | |
| |by a revenue agency upon examination of a taxpayer’s records.| | | | |
|Assessment Date |Date on which property taxes are levied on or measured by the| |Generalization: | | |
| |value of property on a given date. The date the assessor | |- Date | | |
| |requires the owner to determine the value of their property. | | | | |
|Assessment Ratio |Ratio applied in determining the assessed value. The basis | | | | |
| |for the tax rate that is applied to determine the property | | | | |
| |tax. Assessment ratios are determined by the taxing | | | | |
| |jurisdictions. | | | | |
|Assessor |Jurisdictional property tax evaluator who determines the | |Generalizations: | | |
| |assessed value of the personal property. | |- Party | | |
| | | |- Participant | | |
|Asset |An owned item that has value and is expected to benefit | | | | |
| |future operations. An asset that can be cash, receivable, | | | | |
| |inventory, personal, and real property. | | | | |
|Asset Movement |Capital assets that are moved by the taxpayer from one taxing| |Generalizations: | | |
| |jurisdiction to another. | |- Transaction | | |
|Audit |An examination conducted by a taxing jurisdiction of the | | | | |
| |books and records of a taxpayer to verify that the taxpayer | | | | |
| |has been in compliance with the statutes of the taxing | | | | |
| |authority. This could involve the review of sales, review of | | | | |
| |purchases, reconciliation of the general ledger sales and use| | | | |
| |tax accounts, and analysis of journal transactions, etc. | | | | |
|Basis |An amount that is used as the base on which tax is | | | | |
| |calculated. | | | | |
|Bracket |A tax basis range within a bracket tax schedule. | | | | |
|Bracket Tax |A taxation method that specifies tax amounts within a | | | | |
| |schedule using a series of non-overlapping tax basis ranges. | | | | |
| |The tax basis ranges within the bracket schedule may be | | | | |
| |linear, non-linear, absolute or scaled based upon the maximum| | | | |
| |basis in the bracket table. | | | | |
|Business |A commercial enterprise that may be categorized from the |Industry |Enumerations: | | |
| |perspective of tax law by the type of commercial or | |Retail | | |
| |mercantile activity it is engaged in. | |Wholesale | | |
| | | |Manufacturing | | |
| | | |Service | | |
| | | |Construction | | |
| | | |Finance | | |
|Buyer |A role that a party assumes in a transaction where that party|Consumer |Generalizations: | |UBL_Order-Op64 |
| |is the purchaser of products and/or services from another |Purchaser |- Party | |(UBL) |
| |party (seller) and either | |- Participant | | |
| |Consumes the product | | | | |
| |Uses the product as input material for manufacturing | | | | |
| |Resells the product | | | | |
|Capital Gain |An increase in the money value of a capital asset such as a | | | | |
| |share, bond, parcel of land, antique or other asset, which | | | | |
| |results in a profit if the asset is sold. | | | | |
|City |A primarily urban political unit with definite boundaries, |- Municipality |Generalizations: | |TaxProgramBaseTypes |
| |such as a city, town, or village, having corporate status and|- Locality |- Jurisdiction | |(California) |
| |usually powers of self-government | | | |IRSXMLGeneralElements |
| | | | | |(IRS) |
| | | | | |PostalAddress1.2 |
| | | | | |(HR-XML) |
| | | | | |PostalAddressType |
| | | | | |(ebXML) |
| | | | | |xAL |
| | | | | |(CIQ) |
| | | | | |UBL_Library-Op64 |
| | | | | |(UBL) |
| | | | | | |
|Collateral |Securities such as bonds, shares, insurance policies, or | | | | |
| |other valuable property that are pledged against a loan. If | | | | |
| |the borrower fails to repay the loan, the creditor can sell | | | | |
| |the collateral assets to recover the money. | | | | |
|Collection Authority |The particular governmental unit that is responsible for | | | | |
| |obtaining payment of tax. | | | | |
|Company |A corporation or other entity legally incorporated or | |Enumerations: | | |
| |registered (non-incorporated entities) under a particular | |Corporation | | |
| |state's laws and registered under the laws of the Internal | |Partnership | | |
| |Revenue Code as a separate legal entity with its own Federal | |Sole Proprietorship | | |
| |Identification Number. | | | | |
|Consumer |A role that a party assumes in a transaction where that party|- Buyer |Generalizations: | |UBL_Order-Op64 |
| |is the purchaser of products and/or services from another |- Purchaser |Party | |(UBL) |
| |party (seller) and either | |Participant | | |
| |Consumes the product | | | | |
| |Uses the product as input material for manufacturing | | | | |
| |Resells the product | | | | |
|Consumers Use Tax |A tax liability that is imposed on the storage, use, | |Tax Type | | |
| |consumption and sometimes distribution of property or | | | | |
| |services. Consumer use taxes typically arise when the seller| | | | |
| |that provides the goods or services is not registered to bill| | | | |
| |and collect the tax in a taxing jurisdiction. Use tax is | | | | |
| |complimentary to sales tax and is accrued (self-imposed) by a| | | | |
| |business. Consumers use tax applies to the following: | | | | |
| |1) Purchases from out-of-state vendors, which are not | | | | |
| |responsible for sales tax, for use within the state; | | | | |
| |2) Items removed from inventory for a business’s own use; | | | | |
| |3) When property is brought into one jurisdiction from | | | | |
| |another (asset movement); and | | | | |
| |4) When a service is performed in one jurisdiction but the | | | | |
| |benefit received is in another jurisdiction. | | | | |
|Corporation |A legal entity that is separate and distinct from its owners.| |Generalizations: | | |
| | | |Company | | |
| |A corporation is allowed to own assets, incur liabilities, | | | | |
| |and sell securities, among other things. | | | | |
| |A company of capital whose owners have limited liability. | | | | |
|Country |A political state or nation or its territory. | |Generalizations: | |TaxProgramBaseTypes |
| | | |- Jurisdiction | |(California) |
| | | | | |IRSXMLGeneralElements |
| | | | | |(IRS) |
| | | | | |PostalAddress1.2 |
| | | | | |(HR-XML) |
| | | | | |PostalAddressType |
| | | | | |(ebXML) |
| | | | | |xAL |
| | | | | |(CIQ) |
| | | | | |UBL_Library-Op64 |
| | | | | |(UBL) |
| | | | | | |
|County |A governmental entity that is a sub-jurisdictional component |Administrative Area |Generalizations: | |TaxProgramBaseTypes |
| |of a state. |Country Sub-entity |- Jurisdiction | |(California) |
| | | | | |IRSXMLGeneralElements |
| | | | | |(IRS) |
| | | | | |PostalAddress1.2 |
| | | | | |(HR-XML) |
| | | | | |PostalAddressType |
| | | | | |(ebXML) |
| | | | | |xAL |
| | | | | |(CIQ) |
| | | | | |UBL_Library-Op64 |
| | | | | |(UBL) |
| | | | | | |
|Date |A reference to a specific day (usually identified by the | | | | |
| |number of the day of the month, the name or number of the | | | | |
| |month and the year) when an event takes place. | | | | |
|Deduction |An amount that may be subtracted from a gross amount to | | | | |
| |arrive at the taxable amount. Deductions are the total | | | | |
| |exempt and nontaxable sales. | | | | |
|Depreciation |An amount deducted from the value of personal property based | | | | |
| |on physical deterioration, functional obsolescence and | | | | |
| |economic obsolescence. | | | | |
|Direct Pay Permit |Purchasers holding Direct Pay permits do not pay any sales | | | | |
| |tax to their sellers. Rather, the permit holders assume the | | | | |
| |full responsibility for determining which of their purchases | | | | |
| |are taxable and which are exempt, and remit any tax that may | | | | |
| |be due directly to the state. Upon receiving a valid direct | | | | |
| |payment certificate, a seller is relieved of all | | | | |
| |responsibility for collecting tax from the permit holder. | | | | |
|Discount |A monetary amount that may be deducted from an amount owed. | | | | |
| |When timely filing a return and paying tax, some | | | | |
| |jurisdictions allow a deduction based on a percentage of the | | | | |
| |tax collected not to exceed a set amount in order to help | | | | |
| |cover the administrative expense associated with collecting | | | | |
| |and remitting the tax. This is typically referred to as a | | | | |
| |"vendor's discount," "collection allowance," or "vendor's | | | | |
| |compensation." | | | | |
|Dispatch |An “export” from one European Union Member State to another | | | | |
| |is now known as a dispatch. Although dispatches can still be| | | | |
| |zero rated, there are additional conditions which must be met| | | | |
| |before the dispatch can be zero rated: the supplier has to | | | | |
| |show his customer’s EU VAT registration number on the sale | | | | |
| |invoice, and the goods must be used by the acquirer for his | | | | |
| |business purposes. | | | | |
| | | | | | |
| |Where goods are dispatched to other EU Member States and the | | | | |
| |supplier does not have his customer’s VAT number (for | | | | |
| |example, because the customer is a non-taxable person) he | | | | |
| |must charge VAT even though the goods have left the | | | | |
| |supplier’s country. This type of transaction is known as | | | | |
| |“distance selling” and, to avoid an imbalance in intra-EU | | | | |
| |trade, if a supplier’s distance sales exceed a value in | | | | |
| |ECU’s, the supplier must register for VAT in that country. | | | | |
| | | | | | |
| |It should be noted that a dispatch in one EU Member State | | | | |
| |will give rise to an acquisition in the recipient EU Member | | | | |
| |State. | | | | |
|District |A governmental entity that can be a sub-jurisdictional |Administrative Area | | |xAL |
| |component of a state, county, or city. Typical types of | | | |(CIQ) |
| |districts are: transit districts, school districts, water | | | |UBL_Library-Op64 |
| |districts, police districts, etc. | | | |(UBL) |
| | | | | | |
|Enterprise Zone |An area designated to promote business usually in | | | | |
| |economically depressed urban areas. Enterprise zones are | | | | |
| |usually confined to a limited time. | | | | |
|Equalization |The process of applying a factor to tax rates that provides | | | | |
| |uniform tax monies to jurisdictions. | | | | |
|Excise Tax |A tax imposed on the, sale or consumption of commodities or | | | | |
| |services such as fuel, cigarettes, utility services, | | | | |
| |alcoholic beverages, automobile rentals, etc. These taxes are| | | | |
| |often imposed at the retail or wholesale level of commerce. | | | | |
|Exempt With Credit |In some Member States within the European Union (EU) there is|Zero Rated | | | |
| |an allowance for certain goods or services to be “free” of | | | | |
| |VAT, but for tax on expenses to be recoverable. In the UK | | | | |
| |this is achieved by designating a tax rate of 0% applicable | | | | |
| |to certain items. These “zero-rated” supplies are considered| | | | |
| |taxable supplies, but no VAT is actually charged to the | | | | |
| |consumer. These supplies include books and newspapers, | | | | |
| |children’s clothes, food, transport services and exports. | | | | |
| |Some other Member States designate such zero-rated supplies | | | | |
| |as “exempt with credit”. | | | | |
|Exemption |A sale of tangible personal property or service, which would | | | | |
| |normally be taxable, but based on how the TPP or service is | | | | |
| |used, and/or who uses or sells the TPP or service, is not | | | | |
| |subject to tax. Or a special kind of tax rule which defines a| | | | |
| |situation in which no tax is required. | | | | |
|Exemption Certificate |A document that when properly completed by the purchaser and | | | | |
| |accepted in "good faith" by the seller allows for the | | | | |
| |elimination of tax on a transaction or series of | | | | |
| |transactions. | | | | |
|Exemption Certificate |The date that identifies when the exemption certificate is no| |Generalization: | | |
|Expiration Date |longer valid. | |- Date | | |
|Expense |An entity’s immediate write-off of a cost of doing business. | | | | |
| |In the case where a piece of tangible personal property is | | | | |
| |expensed and not capitalized, and is still required to be | | | | |
| |reported for property tax, it is usually due to the fact that| | | | |
| |it is below a particular dollar amount set by the accounting | | | | |
| |department of a particular entity. | | | | |
|Extended Price |The amount that is arrived at by multiplying the cost of an | | | | |
| |item by the quantity of items. For example, an item sells | | | | |
| |for $10 and a buyer purchases 10 of these items, the extended| | | | |
| |price is $100 ($10 X 10). This amount is the basis for the | | | | |
| |Calculation of taxes. | | | | |
|Fair Market Value |The market price of real estate, as determined by an | | | | |
| |appraiser based on similar real property in a particular | | | | |
| |area. | | | | |
|Federal Employer |A number assigned to a legal entity by the Federal | | | | |
|Identification Number |government. This number is used to uniquely identify a | | | | |
|(FEIN) |company for federal compliance purposes and should not be | | | | |
| |confused with a state's sales tax registration number. | | | | |
|Federal Information |FIPS is an acronym for "Federal Information Processing | | | | |
|Processing Standard |Standard". This code is maintained by the U.S. Department of| | | | |
|(FIPS) code |Commerce and National Bureau of Standards to facilitate | | | | |
| |information interchange between government bodies and | | | | |
| |industry. This is a 10-digit code that uniquely identifies a | | | | |
| |geographic location. | | | | |
|Filing Frequency |The interval specified by a taxing authority for filing tax | | | | |
| |returns. For example: monthly, quarterly, bi-monthly, or | | | | |
| |annually. The required frequency is usually determined by | | | | |
| |reaching a threshold based on historical accumulated tax | | | | |
| |liability. | | | | |
|Filing Period |Calendar period in which tax was collected and is being | | | | |
| |reported on a tax return. Typically identified on a tax | | | | |
| |return as a month and year (for example, January 1997 or Jan | | | | |
| |97) or as a range of dates (for example, January 1 thru | | | | |
| |January 31, 1997). | | | | |
|Financial Institution |Institution such as a commercial or investment bank, trust | |Enumerations: | | |
| |company, brokerage house, insurance company, credit union or | |Bank | | |
| |caisse populaire that participates in financial transactions | |Trust Company | | |
| |involving cash or financial products, normally in the role of| |Brokerage House | | |
| |intermediary. The primary role of these institutions is to | |Insurance company | | |
| |facilitate the financing of investments, from home mortgages | |Credit Union | | |
| |to the raising of funds via the issue of debt or equity for | | | | |
| |financing mega-projects. They also provide insurance, take on| | | | |
| |fiduciary responsibilities, store cash and securities for | | | | |
| |safekeeping, etc. | | | | |
|Fiscal Year |An entity defined twelve-month period used for planning and |Fiscal Period | | | |
| |reporting financial activity. | | | | |
|Fixed Assets |Tangible items not readily convertible into cash. | | | | |
| | | | | | |
|Freight |A charge for transporting goods by any means. | | | | |
|Functional Obsolescence|Impairment of functional capacity or efficiency. Functional | | | | |
| |obsolescence reflects the loss in value brought about by such| | | | |
| |factors as overcapacity, inadequacy, and changes in the part | | | | |
| |that affect the property item itself or its relation with | | | | |
| |other items comprising a larger property. The inability of a | | | | |
| |structure to perform adequately the function for which it is | | | | |
| |employed. | | | | |
|General Ledger |A company's accounting records containing all the offsetting | | | | |
| |debit and credit accounts. A company's accounting records | | | | |
| |containing each asset, revenue, expense, and capital/equity | | | | |
| |account balances. | | | | |
|Gross Receipts Tax |A tax of a general nature that is imposed on the gross | | | | |
| |receipts of a business. It is a broad-based tax, with few | | | | |
| |exceptions, imposed on the seller for the privilege of doing | | | | |
| |business within a jurisdiction. The tax is measured by the | | | | |
| |sales price of the tangible personal property or services | | | | |
| |sold. | | | | |
|Gross Sales |The total amount received for products sold. | | | | |
| | | | | | |
|Income |The money and other benefits flowing to individuals, firms | | | | |
| |and other groups. Income includes wages, interest, | | | | |
| |dividends, realized capital gains, private and public pension| | | | |
| |payments, rents, royalties, net business income and | | | | |
| |self-employment income. | | | | |
|Intangible Personal |Property that lacks mass and cannot be seen, felt, weighed, | | | | |
|Property |measured, or otherwise perceived by the senses. Examples | | | | |
| |include stocks, bonds, notes, mortgages, royalties, checking | | | | |
| |and savings accounts, cash, accounts receivable, judgments, | | | | |
| |goodwill, patents, franchises, software, and capitalized | | | | |
| |interest. | | | | |
|Interest |The cost of borrowed money – the price that lenders charge | | | | |
| |borrowers for the use of the lender's money. | | | | |
| | | | | | |
| |An amount of money that a taxpayer is required to pay, to a | | | | |
| |taxing jurisdiction in the event a return or payment is made | | | | |
| |late. | | | | |
|Intrastat |A document prepared by EU Member States providing statistics | | | | |
| |on the trading of goods with other Member States. As Member | | | | |
| |States can no longer extract the relevant data from their own| | | | |
| |Customs forms, new reports have been introduced that | | | | |
| |businesses must complete and return to the relevant | | | | |
| |government body. The documents are completed for both | | | | |
| |‘acquisitions’ and ‘dispatches’. | | | | |
|Inventory |Generally, the total value of the goods on hand that a | | | | |
| |business intends to sell, use for manufacture, or use to | | | | |
| |render a service. In certain cases, inventory can also | | | | |
| |include services. | | | | |
|Inventory Removal |Items withdrawn from inventory and used by the taxpayer in an| | | | |
| |internal taxable use and not for the same exempt use as | | | | |
| |originally purchased. Example: A calculator is removed from| | | | |
| |inventory to be used by an employee. The company originally | | | | |
| |purchased the calculator for resale. | | | | |
|Investment |In its broadest sense, investment consists of putting an | | | | |
| |asset into a form that is intended to increase its value. In | | | | |
| |an economic context, however, it refers to spending on | | | | |
| |capital goods in order to increase output - building a new | | | | |
| |factory, purchasing new equipment or public spending on | | | | |
| |infrastructure. | | | | |
|Investment Income |The income received from investment in securities and | | | | |
| |property. It includes rent from property, dividends from | | | | |
| |shares in corporations, and interest from bonds, guaranteed | | | | |
| |investment certificates, bank accounts, certificates of | | | | |
| |deposit, Treasury bills, and other financial securities. | | | | |
|Invoice |A collection of line items related by an invoice number that | | | | |
| |are processed at the same time. When a collection of line | | | | |
| |items is processed without an invoice number each line item | | | | |
| |is treated as separate invoice for both tax calculation and | | | | |
| |reporting purposes. | | | | |
|Jurisdiction |Typically, this term refers to a "taxing jurisdiction" which | |Enumerations: | | |
| |is a political geographic entity that has authorized the | |- City | | |
| |imposition of a tax. | |- Country | | |
| | | |- County | | |
| |A jurisdiction could be a country, state, county, city, | |- State | | |
| |district, or other political geographic entity. | |- District | | |
|Landed Cost |The taxable measure is based on the rules for supplies | | | | |
| |(generally the invoice value), with the addition of all | | | | |
| |taxes, duties, freight, insurance, and other charges levied | | | | |
| |outside or, by reason of importation, into the tax | | | | |
| |jurisdiction. | | | | |
|Lease |The transfer of possession but not title to tangible personal| | | | |
| |property (for consideration) to a customer for the customer's| | | | |
| |use for a specified period of time. | | | | |
|Lessee |Party that holds the asset according to the terms of the |Purchaser |Generalizations: | | |
| |lease and pays rent to the lessor. | |- Party | | |
| | | |- Participant | | |
|Lessor |Owner of the leased asset who temporarily conveys the asset | |Generalizations: | | |
| |by lease. | |- Party | | |
| | | |- Participant | | |
|Liability |Debt owed by a person or business |Debt | | | |
| | | | | | |
|Locality | | | | | |
|Location |A point on the Earth. The most precise location identifier is|Place | |Roles: | |
| |a set of coordinates, e.g. longitude, latitude and altitude. |Outlet | |Order Acceptance | |
| | | | |Location | |
| |Physical entity where business is conducted (ship-to or | | |Order Taken | |
| |ship-from) sometimes referred to as a store or outlet. Some | | |Location | |
| |taxing jurisdictions require the company filing a tax return | | |Ship From Location| |
| |to itemize the tax by location. | | |Ship To Location | |
|Loss |The amount by which expenses exceed revenues. | | | | |
| | | | | | |
|Municipality |A primarily urban political unit with definite boundaries, |City |Generalizations: | | |
| |such as a city, town, or village, having corporate status and| |- Jurisdiction | | |
| |usually powers of self-government | | | | |
|Name | | | | | |
|Nexus |A term used to describe the status of a party that indicates | | | | |
| |that the party has a physical presence within a jurisdiction | | | | |
| |within a tax domain that obligates the party to collect and | | | | |
| |remit taxes to the jurisdiction. | | | | |
|Non-standard Tax Rate |Tax rate that is different from the general rate imposed by a| | | | |
| |taxing jurisdiction. Nonstandard rates generally apply to | | | | |
| |specific categories of tangible personal property. For | | | | |
| |example, manufacturing equipment in North Carolina is taxed | | | | |
| |at a lower sales tax rate than the general state rate. | | | | |
|Nontaxable |A type of deduction. Applies to the sale of tangible personal| | | | |
| |property or service that is not taxed because the item sold | | | | |
| |is not included in the class of taxable items defined in the | | | | |
| |taxing jurisdiction’s statute. | | | | |
|Order Acceptance |The location where a seller approves a sales transaction or | | |Role For: | |
|Location |accepts a contract. This location may be used to determine | | |Location | |
| |the appropriate taxing jurisdiction. | | | | |
|Order Taken Location |The location where the order or contract is received, worked | | |Role For: | |
| |on or taken by a salesperson. This location may be used to | | |Location | |
| |determine the appropriate taxing jurisdiction. | | | | |
|Outbuildings |Buildings on a property that are physically detached from the| | | | |
| |main buildings on the property, such as garages, barns, | | | | |
| |stables, sheds and storage buildings. | | | | |
|Outlet |Physical entity where business is conducted (ship-to or |Location | | | |
| |ship-from) sometimes referred to as a store or outlet. Some | | | | |
| |taxing jurisdictions require the company filing a tax return | | | | |
| |to itemize the tax by location. | | | | |
|Partnership |In civil law countries, a company of two or persons who | |Generalizations: | | |
| |co-own and manage a business and who are each liable to the | |Company | | |
| |full extent of their personal assets for its debts. | |Organisation | | |
| |In common law countries, an association of two or more | | | | |
| |persons who co-own and manage a business for profit and who | | | | |
| |are each liable to the full extent of their personal assets | | | | |
| |for its debts. | | | | |
|Party |A person or organization that participates in an event or |Participant | | |TaxProgramBaseTypes |
| |activity. | | | |(California) |
| | | | | |IRSXMLGeneralElements |
| | | | | |(IRS) |
| | | | | |PostalAddress1.2 |
| | | | | |(HR-XML) |
| | | | | |PostalAddressType |
| | | | | |(ebXML) |
| | | | | |xAL |
| | | | | |(CIQ) |
| | | | | |UBL_Library-Op64 |
| | | | | |(UBL) |
|Payment |A monetary reimbursement made to a provider (i.e. seller) of | | | | |
| |a product or service. | | | | |
|Payment Method |The manner employed by a taxpayer to remit a tax payment. | | | | |
| |Jurisdictions set the requirements for methods of payment | | | | |
| |that usually include by mail, by courier, or by electronic | | | | |
| |funds transfer. | | | | |
|Payroll Tax | | |Generalization: | | |
| | | |Tax | | |
|Penalty |Amount of money that a taxpayer is required to pay to a | | | | |
| |taxing jurisdiction due to filing a fraudulent tax return, a | | | | |
| |late tax return, a late payment, or an audit assessment. | | | | |
| |Typically computed by multiplying the amount of tax due by | | | | |
| |specified penalty rates. | | | | |
|Period |An interval of time. | | |Roles: | |
| | | | |Filing Period | |
|Personal Income Tax | | | | | |
|Personal Property |Property not permanently attached to realty. Usually it is | | | | |
| |property that is movable rather than permanently affixed to | | | | |
| |or part of the real estate. | | | | |
|Place of Supply |Refers to situs for tax purposes. It provides an indication |Situs | |Role For: | |
| |of where VAT is due and who is liable to account for VAT. | | |Location | |
| |The place of supply is different for goods and for services. | | | | |
| |And there are situs exceptions for both goods and for | | | | |
| |services. | | | | |
| | | | | | |
| |General Rules for Place of Supply: | | | | |
| | | | | | |
| |VAT is charged in the country where the goods are physically | | | | |
| |located when allocated to the customer. | | | | |
| |VAT is charged in the country where the supplier of the | | | | |
| |service is based. | | | | |
|Postal Address |The designation of a place for delivery of mail by a postal | | |Roles: |TaxProgramBaseTypes |
| |service. | | |Taxpayer Address |(California) |
| | | | |Contact Address |IRSXMLGeneralElements |
| | | | |Bill To Address |(IRS) |
| | | | |Ship To Address |PostalAddress1.2 |
| | | | | |(HR-XML) |
| | | | | |PostalAddressType |
| | | | | |(ebXML) |
| | | | | |xAL |
| | | | | |(CIQ) |
| | | | | |UBL_Library-Op64 |
| | | | | |(UBL) |
|Prepayment |Estimated tax payment made to a taxing jurisdiction based on | | | | |
| |historical or anticipated tax liability. | | | | |
|Product |Any thing of monetary value that can be owned or leased. | | | | |
|Professional Dues |Membership fees paid to maintain a professional status | | | | |
| |recognized by law, such as lawyer’s annual law society fees. | | | | |
|Property |Physical and monetary assets. | | | | |
| | | | | | |
|Property Tax |The amount of tax that the jurisdiction is billing the | |Generalization: | | |
| |taxpayer for the possession of various assets. | |Tax | | |
|Quantity | | | | | |
|Real Estate |Physical land and appurtenances attached to the land such as | | | | |
| |outbuildings, substructures and sub-systems. | | | | |
|Refund |The overpayment of tax returned to a taxpayer after | | | | |
| |assessment of a tax return. | | | | |
|Registration |Formal application process of informing a taxing jurisdiction| | | | |
| |that a company will be conducting business within that | | | | |
| |jurisdiction. This usually includes the submission of | | | | |
| |information pertaining to details of the company's | | | | |
| |activities, owners, locations, and so on. | | | | |
|Remittance | | | | | |
|Remittance Date |The payment due date published by a jurisdiction. | |Generalization: | | |
| | | |Date | | |
|Rental |Transfer of possession, but not title, of tangible personal |Lease | | | |
| |property (for consideration) to a customer for use. Rental | | | | |
| |periods are typically shorter than lease periods. For some | | | | |
| |jurisdictions, rental and lease are synonymous. | | | | |
|Reseller |A carrier that does not own transmission facilities but | | | | |
| |obtains communications services from another carrier for | | | | |
| |resale to the public for a profit. Also called resale | | | | |
| |carrier. | | | | |
|Reverse Charge |In the European Union (EU), Value Added Tax (VAT) is not | | | | |
| |charged when a business in the EU purchases professional | | | | |
| |services from another country in the EU. | | | | |
| | | | | | |
| |Reverse Charge Flow | | | | |
| |The buyer self-assesses VAT | | | | |
| |The buyer is VAT registered in its member state. | | | | |
| |The buyer accounts for output tax on the value of the service| | | | |
| |purchased. | | | | |
| |The buyer concurrently accounts for input tax on the same | | | | |
| |return, except if the supply (sale) is exempt. | | | | |
|Salary |The amount an employer pays an employee for work done. | | | | |
| | | | | | |
|Sale | | | | | |
|Sales Tax |A tax imposed on the privilege of making sales. Sales taxes | |Generalization: | | |
| |are typically imposed on intrastate transactions. | |Tax | | |
|Seller’s Use Tax |A tax that is imposed on the purchaser but the collection | |Generalization: | | |
| |responsibility is shifted to the seller based on the seller's| |Tax | | |
| |nexus with the jurisdiction where delivery occurs. | | | | |
|Situs |The locations for which a taxing jurisdiction has the right |Place of Supply | | | |
| |to tax transactions or more commonly, the location of a | | | | |
| |specific transaction. | | | | |
|Sole Proprietorship |A business owned by a single individual. A sole proprietor | |Generalizations: | | |
| |pays no corporate income tax but has unlimited liability for | |Company | | |
| |business debts and obligations. | |Organisation | | |
|Standard Industry |Federal government codes that are designed to classify | | | | |
|Classification (SIC) |entities by the type of business activity in which they are | | | | |
|code |engaged. | | | | |
|Surcharge |A fee or tax which is imposed upon a specific item or service| | | | |
| |and is usually in addition to other taxes and fees. The | | | | |
| |appropriate regulatory body has approved these charges. | | | | |
| |Generally, seen in telecommunication services and motor | | | | |
| |vehicle leases. | | | | |
|Tangible Personal |Tangible property including inventory, machinery and | | | | |
|Property |equipment, furniture and fixtures, office equipment, and so | | | | |
| |forth. Tangible property is owned by a legal entity | | | | |
| |responsible for filing of personal property. | | | | |
|Tariff |Customs duties on merchandise imports, levied on an ad | | | | |
| |valorem (percentage of value) or specific basis (e.g. $5 per | | | | |
| |100 kilograms). Tariffs give a price advantage to similar | | | | |
| |locally produced goods and raise revenues for the government.| | | | |
|Tax |Any fee, surcharge, tariff or other charge legislated or | |Enumerations: | | |
| |collected by a government (local, state, national, etc). | |Consumer’s Use Tax | | |
| | | |Corporate Income Tax | | |
| | | |Excise Tax | | |
| | | |Gross Receipts Tax | | |
| | | |Payroll Tax | | |
| | | |Personal Income Tax | | |
| | | |Property Tax | | |
| | | |Sales Tax | | |
| | | |Seller’s Use Tax | | |
| | | |Telecommunication Tax | | |
| | | |Use Tax | | |
| | | |Value Added Tax (VAT) | | |
|Tax Administrator |An organization responsible for the collection of taxes |Tax Collector |Generalizations: | | |
| |within one or more tax jurisdictions. | |Party | | |
| | | |Participant | | |
|Tax Authority |The organization that imposes taxes within a tax jurisdiction| |Generalizations: | | |
| |(may or may not be responsible for setting actual tax rates, | |Party | | |
| |as described in law). | |Participant | | |
|Tax Collector |An organization responsible for the collection of taxes |Tax Administrator |Generalizations: | | |
| |within one or more tax jurisdictions. | |Party | | |
| | | |Participant | | |
|Tax Compliance |Process of billing, collecting, and remitting the correct | | | | |
| |amount of sales and use tax to the proper jurisdictions. It | | | | |
| |also includes maintaining documentation and audit trails to | | | | |
| |justify tax activities to auditors. | | | | |
|Tax Identification |An identifier of a unique party (person or organization) to a| |Sub Types: | | |
| |Tax Authority as a taxpayer. | |Federal Employer | | |
| | | |Identification Number (FEIN)| | |
| | | |Social Security Number (SSN)| | |
| | | |Tax Identification Number | | |
| | | |(TIN) | | |
| | | |State Assigned | | |
| | | |Illinois (IBT) | | |
|Tax Jurisdiction |A geographical governmental entity that has authorized the | | | | |
| |imposition of a tax. It may be a state, city, county, | | | | |
| |township, school district, transportation district, airport, | | | | |
| |etc. | | | | |
|Tax Return |A collection of forms, schedules and worksheets published by | | | | |
| |jurisdictions for the purpose of tax liability filing by | | | | |
| |companies and other corporate entities. | | | | |
|Tax Waiver |An authorization by the taxpayer that allows a tax | | | | |
| |jurisdiction to keep an audit period open for review (beyond | | | | |
| |the statute of limitations) until a specific expiration date.| | | | |
| |It is evidenced by a form completed and signed by the | | | | |
| |taxpayer and the jurisdiction. Activities occurring beyond | | | | |
| |the expiration date will not be subject to the review. | | | | |
|Taxable Amount |The portion of gross receipts which are subject to sales tax.| | | | |
| | | | | | |
|Taxable Income |Net income minus certain allowable deductions. | | | | |
| | | | | | |
|Telecommunication Tax | | |Generalization: | | |
| | | |Tax | | |
|Transaction |An event involving a movement, exchange or assessment that | |Enumerations: | | |
| |has monetary value and that may incur a tax liability. | |Asset Movement | | |
| | | |Inventory Removal | | |
| | | |Lease | | |
| | | |Rental | | |
| | | |Sale | | |
|Transit District | | |Generalization: | | |
| | | |District | | |
|Triangulation |This is a scenario developed by the European Union (EU) to | | | | |
| |simplify the Value Added Tax (VAT) collection process when | | | | |
| |suppliers are in different member states. | | | | |
| | | | | | |
| |Conditions of Triangulation | | | | |
| |Must only be three parties involved, two suppliers to one | | | | |
| |purchaser. | | | | |
| |All parties must be registered for VAT in the EU. | | | | |
| |All parties must be in separate EU member states, for example| | | | |
| |supplier (A) in Germany, supplier (B) in France, and | | | | |
| |purchaser (C) in Austria. | | | | |
| | | | | | |
| |Triangulation Flow | | | | |
| |Supplier (A) ships goods directly to the purchaser (C). | | | | |
| |(Physical Flow) | | | | |
| |Supplier (A) bills supplier (B) and then (B) bills (C). | | | | |
| |(Invoice Flow) | | | | |
| |Supplier (A) zero rates the supply and C accounts for | | | | |
| |Acquisition VAT (Tax Flow) | | | | |
|Use Tax | | |Generalization: | | |
| | | |Tax | | |
| | | | | | |
| | | |Enumerations: | | |
| | | |Consumer’s Use Tax | | |
| | | |Seller’s Use Tax | | |
|Valuation |Placing an assessed value on your personal property. The main| | | | |
| |concern in valuation is determining the correct depreciation | | | | |
| |for your property. | | | | |
|Value Added Reseller |A type of business modifies a retail product produced by | | | | |
| |another company and then sells the resulting enhanced product| | | | |
| |to customers. | | | | |
|Value Added Tax (VAT) |A tax that is imposed on the value (the difference between a | |Generalization: | | |
| |company's purchase price and sales price) that a company adds| |Tax | | |
| |to a product or service. Unlike sales and use taxes which are| | | | |
| |typically imposed on the sales or purchase price to the final| | | | |
| |consumer, value added taxes are generally imposed on all | | | | |
| |sales of goods and services. | | | | |
| |Value added taxes may be directly passed on to consumers | | | | |
| |(similar to sales taxes); however, when returns are filed, a | | | | |
| |credit may be taken for the amount of value added taxes that | | | | |
| |were paid on purchases against the amount of tax that was | | | | |
| |collected from sales. | | | | |
|Vehicle Identification |A unique identification number for a vehicle that indicates | | | | |
|Number (VIN) |the vehicle make, model, options and serial number. | | | | |
|Voucher |A document that attests or serves as evidence; specifically a| | | | |
| |receipt or statement serving as evidence of payment of a debt| | | | |
| |or of the accuracy of an account. | | | | |
|Zero Rated |In some Member States within the European Union (EU) there is|Exempt With Credit | | | |
| |an allowance for certain goods or services to be “free” of | | | | |
| |VAT, but for tax on expenses to be recoverable. In the UK | | | | |
| |this is achieved by designating a tax rate of 0% applicable | | | | |
| |to certain items. These “zero-rated” supplies are considered| | | | |
| |taxable supplies, but no VAT is actually charged to the | | | | |
| |consumer. These supplies include books and newspapers, | | | | |
| |children’s clothes, food, transport services and exports. | | | | |
| |Some other Member States designate such zero-rated supplies | | | | |
| |as “exempt with credit”. | | | | |
|Zip Code |A 5 digit US postal identifier used to route and sort mail. | | | | |
|Zip + 4 |A modification of the US postal code system that added 4 | | | | |
| |digits representing the street segments along postal delivery| | | | |
| |routes. | | | | |
|Zoning |A term used to describe the use for real property, such as | | | | |
| |residential, commercial, and farming. | | | | |
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