What is import turnover tax in SAP SD-FT - Foreign Trade?

SAP Term: import turnover tax

• Component: SD-FT

• Component Name: Foreign Trade

• Description: A tax levied for the import of foreign merchandise into a customs territory for which tariffs are due. This tax is incurred when goods are made available for domestic consumption or when customs duties are due.

Smart SAP Assistant

• Key Concepts: 
  Import turnover tax is a type of tax that is imposed on goods imported into a country. It is also known as customs duty or import duty. This tax is collected by the customs authorities of the importing country and is used to protect domestic industries from foreign competition. In SAP, the SD-FT Foreign Trade component is used to manage import turnover tax. 
  
  How to use it: 
  In SAP, the SD-FT Foreign Trade component can be used to manage import turnover tax. This component allows users to set up and maintain tax codes for different types of taxes, including import turnover tax. It also allows users to calculate the amount of tax due on imported goods and generate reports for tracking and analysis. 
  
  Tips & Tricks: 
  When setting up import turnover tax in SAP, it is important to ensure that all relevant information is entered correctly. This includes the type of goods being imported, the country of origin, and the applicable rate of tax. It is also important to ensure that all relevant documents are submitted in order to avoid any delays or penalties. 
  
  Related Information: 
  In addition to managing import turnover tax in SAP, the SD-FT Foreign Trade component can also be used to manage other types of taxes such as export taxes, value-added taxes (VAT), and excise duties. It can also be used to manage foreign currency transactions and international trade agreements.