Financial Management - PSFT (MOSC)

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Withholding in local currency while the voucher is in foreign

edited Mar 20, 2016 4:00PM in Financial Management - PSFT (MOSC)

For payments to overseas vendors where withholding is applicable Malaysia would like the payment to the vendor to be in the invoice currency but for the Withheld portion to be able to be remitted to the Inland Revenue Board in local currency as follows: 

Voucher Currency: USD

Payment to Vendor: USD W

Withholding Payment to IRB: MYR

Withholding Entity has been set to 'At Voucher Post'

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