What is resident taxpayer in SAP FS-PM - Policy Management?

SAP Term: resident taxpayer

• Component: FS-PM

• Component Name: Policy Management

• Description: Policyholder whose country of residence matches the jurisdiction. This allows the insurance company to transfer the taxes and deductions for the taxable person, which are due for the insurance contract, to the tax authority in the country of residence for the taxable person.

Smart SAP Assistant

• Key Concepts: 
  A resident taxpayer is an individual or entity that is liable to pay taxes in the country in which they are resident. In the SAP FS-PM Policy Management component, a resident taxpayer is a customer who is subject to taxation in the country in which they are registered. 
  
  How to use it: 
  In the SAP FS-PM Policy Management component, a resident taxpayer can be identified by their tax identification number (TIN). This number is used to identify the customer and their tax liability. The TIN can be used to determine the applicable tax rates and other relevant information for the customer. 
  
  Tips & Tricks: 
  When entering a customer's TIN into the SAP FS-PM Policy Management component, it is important to ensure that the correct country code is entered. This will ensure that the correct tax rates and other relevant information are applied to the customer. 
  
  Related Information: 
  The SAP FS-PM Policy Management component also allows for non-resident taxpayers to be identified. Non-resident taxpayers are individuals or entities that are liable to pay taxes in a country other than the one in which they are registered. The TIN for non-resident taxpayers must also include the applicable country code.