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New to NetSuite | Setting Up Withholding Tax Types
After discussing the withholding tax preferences in the previous article, let’s now talk about withholding tax types. A withholding tax type determines where withholding tax is tracked in the chart of accounts.
When you create a withholding tax type, you are defining two key things:
- Where NetSuite posts withholding tax in the chart of accounts
- The specific accounts used for tax withheld on purchases and sales
- How NetSuite calculates the withholding tax base
- Whether the tax applies to the line-item net amount, gross amount, or tax amount (VAT/GST or sales tax)
To create a withholding tax type for a nexus:
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