Paying Tax Liabilities for GCC States

With NetSuite, you can pay tax liabilities for the Gulf Cooperation Council (GCC) states. The following lists instructions on how you can pay tax liabilities for GCC states.

To pay a tax liability:

1. Close the tax period before you do your tax reporting and tax payments. To close your tax period, go to Setup > Accounting > Taxes > Manage Tax Periods.

2. Run and review the VAT on Sales and VAT on Purchases summary and detailed reports. If you need to make adjustments, reopen the tax period and run the reports again.

3. If VAT on Sales is greater than VAT on purchases, prepare and post an appropriate journal entry that:

   • Debits the VAT on Sales account for the amount shown on the VAT on Sales report

   • Credits the VAT on Purchases account for the amount shown on the VAT on Purchases report

   • Credits the VAT Liability account for the net amount

When it's time to pay your tax liability, you can write a check or make a bank transfer.

You can write a tax liability check for any non-U.S. edition or nexus. To write a tax liability check, go to Transactions > Bank > Write Tax Liability.

To write a tax liability check:

1. Go to Transactions > Bank > Pay Tax Liability.

2. Select the bank account you're using for the payment.

3. Select the VAT liability tax account for the net amount.

4. In the Payee field, select the tax agency you're writing the check to. To set a tax agency to appear by default in this field, go to Setup > Accounting > Taxes > Set Up Taxes, and select the default agency in the Tax Agency field.

5. Enter the date for this transaction.

6. Select a posting period for this check.

7. In the Amount field, enter the amount of the tax liability payment.

8. In the Memo field, enter the memo you want to appear on the printed check.

You can print this check at Transactions > Management > Print Checks and Forms (Administrator).

General Notices