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Tax calculation

Hi
I have LedgerSMB 1.4.2 installed, I have a test company with a few products entered.
I am seeing what I think is a regression of a bug that seems to have been fixed in 1.3.40 (or maybe I am understanding it incorrectly)

I set up a product with a selling price of 1.10, I have set it up with a VAT rate of 23% (Irish VAT rate). If I do a sales order for 12 of these products the Subtotal is 13.20 and the VAT is 2.99.
VAT of 2.99 would be correct for 13.00 not 13.20 so there appears to be rounding before the tax is calculated.

Am I setting something up incorrectly or is it a bug?

thanks

Bill
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