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Witholding Vat and Witholding Tax

edited Feb 16, 2016 4:01AM in E-Business Tax (MOSC) 1 commentAnswered
Customer Problem Description
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Problem Summary
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Witholding Vat and Witholding Tax

Problem Description
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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

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