Method and system for processing tax pertaining to a goods and services transaction

A computer program product, comprising a computer readable storage medium having a computer readable program code embodied therein, said computer readable program code comprising an algorithm adapted to implement a method for processing tax pertaining to a goods and services transaction between a seller and a buyer, said transaction having a transaction value payable by the buyer and receivable by the seller, said transaction triggering a tax due to at least one tax imposing jurisdiction (TIJ), said tax due to each TIJ being specific to each TIJ of the at least one TIJ, said buyer being liable for the tax due to each TIJ, said transaction having been authorized to be financed for the tax due to each TIJ by a financing network comprising an electronic network or an electronic payment network, said method comprising in real time:

• receiving first transaction data fields that include data pertaining to the transaction, said data including an initial indication of the tax due to each TIJ, said data being sufficient for determining the tax due to each TIJ;
• generating second transaction data fields as a copy of the received first transaction data fields;
• assigning unique a tax transaction identification pertaining to taxation of the transaction;
• and
• appending the assigned tax transaction identification to the second transaction data fields, resulting in the second transaction data fields including the assigned unique tax transaction identification.