General Maintenance: What is withholding tax and how to setup withholding tax in AutoCount?
Question: What is withholding tax and how-to setup withholding tax in AutoCount?
Version: 1.8 / 1.9 / 2.0
Answer:
Withholding tax is an amount withheld by the party making payment (payer) on income earned by a non-resident (payee) and then the tax will be paid to the Inland Revenue Board of Malaysia.
You can go to Tools > options > general > withholding tax; check the checkbox of Enable Withholding Tax.
The Withholding Tax Codes are divided into two types which are Receipt type and Payment type. After maintained the tax codes for withholding tax, when creating Payments or Receipts, you will see the columns of 'withholding tax' and 'withholding tax details' at the details portion. To open the Withholding Tax Document windows, you may either:
(1) double click on the value in the column of Withholding Tax, OR
(2) click on the ellipsis button under the column of Withholding Tax Detail (this column can be dragged out from Column Chooser).
Click on New to maintain new Withholding Tax.
Fill in the necessary detail and click on OK
In Payment Voucher, click on W. Tax Detail
Select the Withholding Tax Code for the payment.
Withholding Tax amount will be calculated based on the tax code selected.
You may view the transaction listing under Withholding Tax Transaction Listing report.
Note: To know more about Withholding Tax, please refer to official portal of Inland Revenue Board of Malaysia http://www.hasil.gov.my/bt_goindex.php?bt_kump=2&bt_skum=6&bt_posi=1&bt_unit=5&bt_sequ=1&bt_lgv=2
By: Soh Wee 171013, KM 171017, P171020
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