Country Store
The Country Store is a centralized service within the Banqup ecosystem designed to manage and distribute country-specific configuration data, including country codes (ISO), tax rate categories, and current applicable tax rates.
It is a foundational component for tax calculation and compliance features designed to be used for applications such as invoicing, reporting, and product management as a read-only functionality.
Core capabilities
Manage country ISO information
The Country Store maintains a comprehensive and up-to-date repository of countries identified by their ISO 3166-1 alpha-2 codes (e.g., BE for Belgium, FR for France).
Where relevant for tax purposes, certain countries can have subdivisions, where possible identified by their ISO 3166-2 codes (e.g., FR-2A for Corsica). In case subdivisions are necessary for tax purposes, but the required subdivisions are not in alignment with ISO 3166-2 codes, the subdivision will be identified with a unique custom code.
Manage tax rate types
Each country profile includes a list of supported tax rate categories (e.g., Standard, Reduced, Higher, Zero) relevant for financial and compliance calculations. These are used consistently across Banqup apps to ensure standardized treatment of tax-related data.
Maintain up-to-date tax rates
Tax rates are maintained to reflect the latest regulations in each country. For each country, the corresponding rate categories have been activated and include:
- Rate value (as a percentage)
- Effective start date
- End date (if applicable)
Banqup ensures regular updates based on verified tax authority sources to maintain accuracy in calculations.
Tax ID regular expressions
The Country Store maintains, where applicable, the format of the tax ID as a regular expression. During the tax call, this will be used to validate for tax ID’s that they are correctly formatted.
Country (trade) groups
The Country store maintains the memberships of countries and subdivisions to trade groups such as the European Union.
Country membership is maintained on a country level with a start and end date. To the extent that subdivisions exist under a country, and that these subdivisions are not following the membership of the country, subdivision level exceptions can be made.