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PANAMA WITHHOLDINGs Automatic Calculation -Regulatory Requirement

3371001 Member Posts: 1

Hi all, Panana Goverment has requested to do witholdings on thier invoices. Then,  Panamá AP module needs to record invoices that are subject to Withholdings.

The Withholding is basically the payment of a percentage of the invoice. But, in this case, the Law of Panamá requirement the Withholding should be calculated on a rate (% depends the type of person) on the Tax Line applicability. This payment is deposited into the bank account opened by the Supplier for that purpose. There are many rates (%) for Withholding that required to control into the system.

Panamá needs to record invoices that are subject to Withholdings.

Then We need to :

  1. Create 2 Withholding Tax Group, according to specifications in Major Features
  2. Must use a specific program to generate a monthly statement that shows all the withholdings performed in one month. The present extension is used to export the information from oracle application into a flat file that can be imported in the e-Tax Withholdings Program.
  3. Withholding certificates format.

Do you know if there any solution that doesnt require development or a patch?


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