You can create tax benefit codes for fixed assets and then enter a privilege value based on the tax benefit type of the fixed asset.

  1. Click Fixed assets> Setup> Tax accounts> Tax allowances.

  2. Press CTRL+N to create a new line.

  3. In the Privilegefield, enter the benefit code for property tax, transport tax, or land tax.

  4. In the Benefit typefield, select the tax benefit type from the following options:

    • Reduction in tax rate– The percentage by which the tax rate is reduced.

    • Reduction in tax amount– The amount by which the calculated tax is reduced.

    • Exemption from tax– Cancels the calculation of tax on fixed assets.

    • Tax base reduction– The amount by which the tax base is reduced.

    • Non-taxable area part– The share of the asset that is not subject to tax.

  5. On the Generaltab, in the Namefield, enter the description of the tax benefit code.

  6. In the Privilege valuefield, enter the privilege value.

  7. Press CTRL+S or close the form.

See Also