What is ICMS tax law in SAP CRM-LOC - Localization?

SAP Term: ICMS tax law

• Component: CRM-LOC

• Component Name: Localization

• Description: A series of laws that detail what rates of ICMS apply to different sales and purchases of goods and services. They describe which transactions are subject to the full rate of ICMS, which transactions are subject to a reduced rate, and which are exempt from ICMS. When you print a nota fiscal for goods movements that are not subject to the full rate of ICMS, the nota fiscal shows the text of the ICMS tax law that the transaction was taxed under. Each state issues its own ICMS tax laws.

Smart SAP Assistant

• Key Concepts: 
  ICMS is a Brazilian tax law that applies to the sale of goods and services within the country. It is administered by the Brazilian Federal Revenue Service and is based on the value of the goods or services being sold. The ICMS tax law is part of the CRM-LOC Localization component of SAP, which provides localization support for Brazil. 
  
  How to use it: 
  The ICMS tax law can be used in SAP to calculate taxes on sales transactions in Brazil. The CRM-LOC Localization component provides support for calculating taxes based on the ICMS tax law. This includes setting up tax codes, calculating taxes, and reporting on taxes. 
  
  Tips & Tricks: 
  When setting up tax codes in SAP, it is important to ensure that they are configured correctly according to the ICMS tax law. This will ensure that taxes are calculated accurately and reported correctly. 
  
  Related Information: 
  For more information about the ICMS tax law and how it is used in SAP, please refer to the official documentation from SAP. Additionally, there are many online resources available that provide detailed information about the ICMS tax law and how it is used in SAP.