Financial Management - PSFT (MOSC)

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Ecuador Withholding taxes

Hi,

We´re implementing PeopleSoft financial modules for a Ecuador company.

In Ecuador there are two types of withholding taxes:

  1. Standard Withholding : a % over the basis amount is withhold. It´s setup at supplier level and PS cobers this functionality
  2. VAT withholding: they withhold a % over the calculated VAT. is there any functionality to cober this requirement?

Example

Voucher 1:

Basis Amount 1000

VAT: 21% = 210

Total voucher: 1000+ 210= 1210

Supplier Withholding = 10%1000= 100 (this will be pay to the Tax authority)

VAT Withholding ; 70% 210 = 147 (this will be pay to the Tax authority)

Total Payment to the supplier: 1210 -100-147 = 963

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