Witholding Vat and Witholding Tax
Customer Problem Description --------------------------------------------------- Problem Summary --------------------------------------------------- Witholding Vat and Witholding Tax Problem Description --------------------------------------------------- As of 01 February 2016, the Kenyan Revenue Authority has issues a new tax legislation Please advise if it is possible to perform the following functionality in Oracle so that our client is tax compliant? Example of legislation before 01 February 2016: A supplier invoice is issued for 116 Tax of 16% is calculated therefore the amount net after tax is 100 10% Witholding tax is applied to the 100 which is 10 116 - 10 = 106 which is the amount payable to the supplier and 10 is the withheld amount payable to the Revenue authority I am comfortable with this scenario in Oracle |
0