Another scenario may be the designation of State vs. City vs. Local Tax to allow allocation for tax due individual jurisdictions. The Amount Type Code field is a one character field. However, one additional requirement has emerged. This requirement is the capability to pay multiple tax types with a single tax payment. The second alternative would of course require that many more banks implement the ability to originate and receive CTX transactions.
Separator denotes the end of each component or data element in the convention.
Taxpayer Identification is the taxpayer's identification or registration number as assigned by the state taxing authority. Tax Period End Date is used to provide the necessary information to identify the time period covered by the payment. From knowledge of the tax being paid and the tax period end date, the due date and other relevant matters can be determined. Tax Type Code identifies the type of tax being paid. The tax type code is a 1 to 5 character field which will allow the taxpayer to identify which tax is being paid.