Create Tax Formulas

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The withholding taxes are calculated based on these formulae:

1. Income tax whose taxable amount is line amount’s 80%
2. Calculation Rule: 1+base rate modifier=1+(-20)=80%

Follow these steps:

1. Navigate to Setup and Maintenance and select Manage Tax Formulas.
2. In the Manage Tax Formulas page, select the Tax Formula.
3. Click the Plus icon to create a new tax formula, complete the fields and click Save and Close.