What is tax in SAP SAP-LEGAL - Global Field Legal?

SAP Term: tax

• Component: SAP-LEGAL

• Component Name: Global Field Legal

• Description: Any federal, state or local sales, VAT, GST, foreign withholding, use, property, excise, service or similar taxes now or hereafter levied all of which shall be for Licensee’s account.

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• Key Concepts: 
  Tax is a financial charge or other levy imposed upon a taxpayer by a state or the functional equivalent of a state such that failure to pay is punishable by law. In SAP-LEGAL Global Field Legal Compliance, tax is used to refer to the taxes and duties that are applicable to the company’s operations in different countries. 
  
  How to use it: 
  In SAP-LEGAL Global Field Legal Compliance, tax is used to ensure that the company complies with all applicable laws and regulations in different countries. The system can be used to track and manage taxes and duties, as well as to generate reports on the company’s tax obligations. 
  
  Tips & Tricks: 
  It is important to ensure that all taxes and duties are accurately tracked and managed in SAP-LEGAL Global Field Legal Compliance. This will help the company avoid any potential penalties or fines due to non-compliance with local laws and regulations. 
  
  Related Information: 
  For more information on taxes and duties in SAP-LEGAL Global Field Legal Compliance, please refer to the official documentation provided by SAP.