Withholding Tax Options
Withholding tax options are settings and default values that control how Oracle Fusion Tax processes withholding for a business unit. You can enable your withholding tax options for a specific effective period.
Withholding Tax Options
Set the following withholding tax options on the Manage Tax Reporting and Withholding Tax Options page:
Option |
Description |
---|---|
Event Class |
Apply withholding tax to standard invoices, including credit and debit memos, or prepayment invoices. |
Apply Withholding |
Apply withholding if the tax authority requires your company to withhold taxes from suppliers. |
Process Transaction Taxes |
Calculate withholding tax on transaction tax lines. |
Allow Manual Withholding |
Create and adjust manual withholding tax lines for your invoices. |
Regime Determination Set |
Select the template that determines the tax regime to use for all transactions belonging to this event class. The options include WHTSTCC and WHTTAXREGIME. |
Calculation Point |
Specify the time when withholding tax is applied. The options are Invoice, Payment, or Both. The options available are controlled by the regime determination set. |
Tax Invoice Creation Point |
Specify the time when a tax authority invoice is generated. The options are dependent on the value in the Calculation Point field:
|
Include Discount |
Determine if a deduction of a discount is applied to the taxable basis when the calculation point is Payment. Select:
|
Rounding Level |
Apply rounding to calculated tax amounts once for each withholding tax rate per invoice or to the calculated withholding tax amount on each invoice line. |