0 Replies Latest reply on Jul 12, 2017 7:28 PM by 3371001

    PANAMA WITHHOLDINGs Automatic Calculation -Regulatory Requirement

    3371001

      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?

       

      Thanks,