What is tax status in SAP IS-OIL-DS-TDP - Tariffs, Duties and Permits?

SAP Term: tax status

• Component: IS-OIL-DS-TDP

• Component Name: Tariffs, Duties and Permits

• Description: A two-character code that defines a stock of material on which excise duty is payable as duty-paid or duty-free.

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• Key Concepts: 
  Tax status is a component of the IS-OIL-DS-TDP (Tariffs, Duties and Permits) module in SAP. It is used to define the tax status of a product or service, such as whether it is taxable or exempt from taxes. This information is used to calculate the correct amount of taxes due on a transaction. 
  
  How to use it: 
  In order to use the tax status component of IS-OIL-DS-TDP, you must first define the tax status of each product or service in your system. This can be done by entering the appropriate tax code for each item in the system. Once this is done, the system will automatically calculate the correct amount of taxes due on each transaction. 
  
  Tips & Tricks: 
  It is important to ensure that all products and services have the correct tax status defined in your system. This will help to ensure that you are not overpaying or underpaying taxes on any transactions. Additionally, it is important to keep your tax codes up to date in order to ensure that you are always calculating the correct amount of taxes due. 
  
  Related Information: 
  For more information about using the tax status component of IS-OIL-DS-TDP, please refer to SAP's official documentation on the subject. Additionally, there are many online resources available that provide helpful tips and tricks for using this module in SAP.