Fiscal type

Owned by Frank Louwerse
Apr 29, 2020

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).