Product updates

6 decimal places on taxes

Update December 3, 2018

To facilitate complex scenarios, Elorus can now handle up to 6 decimal places on taxes. This is especially useful to represent compound or chained taxes (i.e. a tax calculated on top of another tax).

For example, when invoicing a public body in Greece, a 0.06% tax must be applied. The stamp duty is calculated as 3% over the tax amount (0.06 * 0.03 = 0.0018%). Finally, there is a 20% withholding tax over the stamp duty. Therefore, the withholding tax rate is 0.0018 * 0.2 = 0.00036% over the invoice’s net total. To support such rates, taxes can now accept up to 6 decimal places.