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New to NetSuite | Withholding Tax

in Advanced Accounting & OneWorld

NetSuite can help you calculate withholding taxes on transactions and generate withholding tax reports. This is useful in many countries where governments require buyers to withhold (deduct) a portion of a payment made to a seller or service provider and then remit that amount to the local tax agency. Withholding tax supports government income tax collection on these types of transactions.

This article focuses on withholding tax for NetSuite accounts that do not have the SuiteTax feature enabled.

Withholding tax is a tax amount that the buyer deducts from what they pay to a vendor or service provider. Instead of paying the full amount to the vendor, the buyer pays a reduced amount and sends the withheld portion to the tax authority, based on local regulations.

Clarisa De Torres | Ask a Guru

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