Tax Name:
Enter the tax name. This is used for display purposes.
Simple Tax Rate (%):
This is the rate to be used for invoice computations.
Combined Tax Rate:
Create a tax group composed of simple taxes.
Compounding so rate 2 is applied after rate 1
When this option is enabled, tax rate 1 is applied on item-value, then tax rate 2 is applied on top of total that has already been taxed with tax rate 1. When the option is disabled, both tax rate 1 and tax rate 2 are applied on item-value.
Show zero percent
Enable this checkbox if the user wants to print zero percent tax rates in Invoices. (Applicable in EU and UK only.)
Sales tax collected account:
Select the account you would like any sales tax collected to be allocated to.
Sales tax paid account:
Select the account you would like any sales tax paid to be allocated to.