Fiscal type

Owned by Frank Louwerse
Apr 29, 2020
2 min read

Maxxton explanation

For each owner, the fiscal type is configured. This determines what type an owner is, which can be selected from:

  • Private owner
  • Domestic company (VAT number required)
  • Foreign company (VAT number required)

It is mandatory to configure a fiscal type, else the owner redirection will not pick up any amounts to settle. Each fiscal type has its own behavior when it comes to VAT: 

Private owner

No VAT is applicable in settlement. 

Domestic company 

Owner settlement is including a VAT amount, which is also paid out to the owner.

Foreign company

Owner settlement is including a VAT amount, but the VAT is withhold by our client on a separate ledger and hence paid to the tax authorities on behalf of the owner. For this to work, a VAT ledger should be configured at the owner Current Account level. 

Calculation example

Turnover = 1130,00 (rent on customer bill incl. 13% VAT)
Deductionbase excluding VAT = 1000,00.
Commission MXTS-customer 25% over deductionbase excl. VAT. = 25% * 1000,00 = 250,00.
Owner amount excl. VAT = 1000,00 - 250,00 = 750,00.
VAT rate to add to owner amount excl. VAT = 20% * 750,00 = 150,00

In case of the owner fiscal type = 'private', the owner will receive an owner_amount of 750,00, without any VAT.

In case of the owner fiscal type = 'domestic company', the owner will receive an owner_amount of 900,00, which is including 150,00 VAT 20%.

In case of owner fiscal type = 'foreign company', the owner will see an owner_amount of 900,00 on the owner settlement including 150,00 VAT 20%, but the VAT amount of 150,00 will also be deducted in the same owner_settlement per single total VAT record per owner. The amount that is paid to the owner will only be 750,00 and the 150,00 VAT 20% can be paid by our Customer to the tax authorities (based on owner financial transaction report journal entry).