Withholding Tax Details

Withholding Tax Details

Purpose

Allow the setup of Withholding Tax codes that represent rates and rules that are currently used by the IRD.

Access

  1. Control | Edit/View Withholding Tax Codes
  2. [F2] on the Withholding Tax Field

Dialog Details


Details Specific Fields

Field
Explanation
Resident

Whether the rate is for a Resident or not

If checked on, then the Tax Code will be used for IR15 creation

If checked off, the Tax Code will be used for IR67 creation
Rate
The rate of tax to be used
Approved Issues Levy

Check on if the Tax Code is used to record Approved Issuer Levy

When the IRD E-File information is created, it will now exclude any withholding tax transactions created from codes where the Issuer Levy is checked on

When interest is posted on investment accounts, the process looks at the client to determine the withholding tax code/rate and automatically creates a transaction for the interest amount times that rate as the withholding tax amount.

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