What is local sales tax in SAP SBO - SAP Business One?

SAP Term: local sales tax

• Component: SBO

• Component Name: SAP Business One

• Description: A tax on sales transactions made within a state.

Smart SAP Assistant

• Key Concepts: 
  Local sales tax is a type of tax that is imposed by local governments on the sale of goods and services. It is collected by the seller from the buyer and remitted to the local government. In SAP Business One, local sales tax is managed through the Tax Management module. 
  
  How to use it: 
  In SAP Business One, local sales tax can be managed through the Tax Management module. This module allows users to set up and manage their local sales tax rates, as well as view reports on their local sales tax collections. The module also allows users to set up and manage their local sales tax exemptions, such as for certain types of customers or products. 
  
  Tips & Tricks: 
  When setting up your local sales tax rates in SAP Business One, make sure to double-check that you have entered the correct rate for each jurisdiction. It is also important to keep track of any changes in local sales tax rates, as these can affect your business’s bottom line. 
  
  Related Information: 
  For more information on managing local sales tax in SAP Business One, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/SAP_BUSINESSONE/9.3/en-US/f8d7f2b6a7c14e8a9f3d5b2c9f1e4d6a.html