METHOD AND SYSTEM FOR COLLECTING INDIRECT TAX
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United States of America Patent
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Issued Date -
Jan 26, 2017
app pub date -
Jul 15, 2016
filing date -
Jul 22, 2015
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Abstract
A method for collecting indirect tax associated with a transaction, the method being performed using a tax collection module, and comprising the steps of: determining that an indirect tax is due on the transaction having a transaction value; calculating the amount of indirect tax due on the transaction; deducting the calculated amount of indirect tax due on the transaction from the transaction value at a time associated with settlement of the transaction; and forwarding the deducted amount to a tax collecting entity at the time associated with settlement of the transaction.
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