In many countries, royalties paid to a licensor in another country are subject to a Value Added tax, usually a fixed percentage. RoyaltyZone helps licensors and licensees manage Value Added Tax:
1. Track the Value Added Tax percentage for each agreement
2. Name the Value Added Tax field as desired
3. Add the Value Added Tax amount to each invoice for the agreement
4. Export a list of all Value Added Tax paid
To enter the Value Added Tax percentage for a NEW agreement:
1. Create a new agreement
2. Enter the Value Added Tax rate as a percentage (do not include the % symbol) on the first page of the new agreement entry process.
3. Enter the desired Field name (example: VAT). The entered name will be displayed on the agreement invoices.
To enter (or edit) the Value Added Tax percentage for a EXISTING agreement
1. Click "Actions > Edit"
2. Enter the Value Added Tax rate as a percentage (do not include the % symbol) on the first page of the new agreement entry process.
3. Enter the desired Field name (example: VAT). The entered name will be displayed on the agreement invoices.
Value Added Tax is itemized on every invoice created for the agreement
To receive a payment, enter the actual amount paid to you (including Tax)
Value Added Tax is captured in the invoice payment history
To export a list of all Value Added Tax payments:
1. Click "Reports"
2. Click "All Invoices" to export invoice data to XL
3. Sort results by Country, Licensee, Due Date, or any other column header to obtain Value Added Tax totals
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This document may contain information of a confidential, proprietary and/or sensitive nature. This document and the information in it may not be reproduced or disclosed to any unauthorized users without the prior written permission of FilmTrack, Inc (here-to-forth known as ‘The Company’). Any unauthorized reproduction or disclosure of this document or the information contained in it is strictly prohibited. All authorized reproductions (either in whole or in part) shall bear this confidentiality notice.
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