Calculating tax amount where multiple tax types may apply

A computer program product to be used in calculating a tax amount where multiple types of taxes may apply to a transaction, the computer program product being tangibly embodied in an information carrier and comprising:

• first data structures comprising tax type categories, each tax type category having associated therewith at least one of several tax types;
• second data structures comprising tax formulas, each of the tax formulas being associated with one of the several tax types;
• third data structures comprising tax type combinations, each tax type combination having associated therewith at least one of the several tax types and an associated at least one of the tax formulas;
• fourth data structures comprising parameter sets for each of the tax formulas, each parameter set including at least one input parameter and at least one output parameter for the tax formula;
• fifth data structures comprising tax combinations of the several tax types, each tax combination having associated therewith at least one of the several tax types and at least one of the parameter sets, one of the tax combinations to be selected for use with a specific transaction;
• and
• executable instructions that when executed determine, from information associated with the specific transaction, which one of the tax combinations to use in calculating a tax amount for the specific transaction, the tax amount to be calculated using the formula associated with any of the tax types included in the selected tax combination.

A system for calculating a tax amount where multiple types of taxes may apply to a transaction, the system comprising:

• a transaction management module for managing transactions for which multiple types of taxes may apply, each transaction being associated with specific information;
• and
• a tax calculating module for calculating a tax amount for any of the transactions, the tax calculating module including:
• first data structures comprising tax formulas, each of the tax formulas being associated with one of several tax types;
• second data structures comprising tax combinations of the several tax types, each tax combination having associated therewith at least one of the several tax types, the tax calculating module to select one of the tax combinations for use with a specific transaction;
• and
• executable instructions for the tax calculating module to determine, from the specific information associated with the specific transaction, which one of the tax combinations to use in calculating a tax amount for the specific transaction, the tax amount to be calculated using the formula associated with any of the tax types included in the selected tax combination.