What is Impuesto General Indirecto Canario in SAP SBO - SAP Business One?

SAP Term: Impuesto General Indirecto Canario

• Component: SBO

• Component Name: SAP Business One

• Description: A local consumer tax in the Canary Islands that is applied at several different rates.

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• Key Concepts: 
  Impuesto General Indirecto Canario (IGIC) is a tax system used in the Canary Islands, an autonomous region of Spain. It is a value-added tax (VAT) that applies to goods and services sold in the Canary Islands. The IGIC rate is 7%, which is lower than the standard Spanish VAT rate of 21%. 
  
  How to use it: 
  In SAP Business One, IGIC is managed through the Tax Code window. This window allows users to set up and manage their IGIC tax codes, as well as assign them to customers and vendors. The Tax Code window also allows users to set up and manage their other tax codes, such as Spanish VAT. 
  
  Tips & Tricks: 
  When setting up IGIC tax codes in SAP Business One, it is important to ensure that the correct rate is applied. The IGIC rate should always be 7%, while other tax codes should be set up with their respective rates. 
  
  Related Information: 
  For more information on setting up and managing IGIC tax codes in SAP Business One, please refer to the official SAP documentation.