Withholding Tax Overview
This topic pertains to withholding tax in NetSuite accounts that do not have the SuiteTax feature enabled. If you are using a NetSuite account where the SuiteTax feature is enabled, go to Withholding Taxes in SuiteTax.
Withholding tax is no longer being updated for new features and reports in accounts that do not have the SuiteTax feature. All version upgrades of the Withholding Tax SuiteApp include fixes for reported issues only.
You can use NetSuite to calculate withholding taxes on transactions and generate withholding tax reports.
In many countries, governments require buyers to withhold a portion of the amount they pay to sellers or service providers, and to remit this withheld amount to the local tax agency. Withholding tax ensures that the government is able to collect the income tax due from those transactions.
With the NetSuite Withholding Tax SuiteApp, you can record the effect of withholding tax on both sales and purchases, either at the time of accrual or at the time of payment, depending on the country's taxation rules.
On bills, checks, invoices, and cash sales, you can choose to deduct withholding tax from individual line items, or from the total amount.
To understand how to use NetSuite to track and report withholding taxes, read the following topics:
Related Topics
- Creating or Customizing Roles to Use Withholding Tax Features
- Setting Up Withholding Tax Preferences
- Setting Up Withholding Tax Types
- Setting Up Withholding Tax Codes
- Setting Up Withholding Tax Groups
- Withholding Taxes on Bills
- Withholding Taxes on Bill Payments
- Withholding Taxes on Checks
- Withholding Taxes on Invoices
- Withholding Taxes on Payment Acceptance
- Withholding Taxes on Cash Sales
- Importing Withholding Tax Transactions Using CSV Import
- Importing Withholding Tax Transactions Using SOAP Web Services
- Withholding Tax Error Codes
- Withholding Tax Troubleshooting Guide
- Known Limitations of the Withholding Tax SuiteApp