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Withholding Tax in the Cloud
1.
2.
Max Levy |
Oracle Consulting | ERP Senior Cloud Analyst Withholding Tax in the Cloud Confidential – © 2019 Oracle Internal/Restricted/Highly Restricted2
3.
Program Agenda 3 Confidential
– © 2019 Oracle Internal/Restricted/Highly Restricted 1. Introduction 2. Business Cases 3. Functional Setups 4. Supplier Configurations 5. Transaction Flow 6. References
4.
Introduction
5.
Introduction 5 Confidential –
© 2019 Oracle Internal/Restricted/Highly Restricted Withholding tax is the amount withheld from a payee by a payer.The same amount is paid directly to the tax authority to satisfy income tax liability. The amount deducted from a given payment depends on several transactional characteristics including: • Nature of services/goods provided • Location of services/goods provided • Tax status of the payee and payer in the tax jurisdiction (e.g. tax exempt, etc.)
6.
Business Cases
7.
Business Cases 7 Confidential
– © 2019 Oracle Internal/Restricted/Highly Restricted • Withholding tax is deducted from supplier/contractor payments • Withholding tax is deducted from payments to employees (also known as ‘tax deducted at source’ orTDS) • Withholding tax is a method to ensure tax collection at the time tax liability is generated, therefore preventing tax evasion and avoidance
8.
Functional Setups
9.
Functional Setups 9 Confidential
– © 2019 Oracle Internal/Restricted/Highly Restricted EnableAutomaticWithholdingTax DefineTax Regime DefineTax Authority DefineWithholdingTax DefineTax Jurisdiction DefineTax Status DefineTax Rates EnableTax forTransactions
10.
Enable Automatic WithholdingTax 10
Confidential – © 2019 Oracle Internal/Restricted/Highly Restricted • Withholding tax is enabled via ‘ManageTax Reporting and WithholdingTax Options’ • Withholding can be enabled for prepayment and standard invoice event classes • Tax calculation point can be set to either ‘Invoice’ or ‘Payment’ • Tax invoices can be generated either at the time of invoicing or at the time of payment Navigation: Setup & Maintenance > ManageTax Reporting and WithholdingTax Options
11.
Enable Automatic WithholdingTax 11
Confidential – © 2019 Oracle Internal/Restricted/Highly Restricted
12.
DefineTax Regime 12 Confidential
– © 2019 Oracle Internal/Restricted/Highly Restricted • A tax regime is defined as a system of tax components related to one or more taxes administered by a tax authority • The tax regime is a foundational configuration which must be completed before other components • Subsequent tax setups (e.g. tax, tax rate) are associated to a tax regime • Use tax configuration options to link parties within your organization to a specific tax regime Navigation: Setup & Maintenance > ManageTax Regimes
13.
DefineTax Regime 13 Confidential
– © 2019 Oracle Internal/Restricted/Highly Restricted
14.
DefineTax Regime –
Configuration Options 14 Confidential – © 2019 Oracle Internal/Restricted/Highly Restricted
15.
DefineTax Authority 15 Confidential
– © 2019 Oracle Internal/Restricted/Highly Restricted • A tax authority is the party to which withholding tax amounts are paid • When withholding is collected from supplier and/or employee payments, an invoice is created and payable to the tax authority • Like other payees, tax authorities must be set up as a suppliers with a ‘Tax Authority’ supplier type • Optionally, payment components (e.g. bank account, pay group) can be associated to the tax authority supplier record to aid in streamlined payment processing Navigation: Procurement > Suppliers > Register Supplier
16.
DefineTax Authority 16 Confidential
– © 2019 Oracle Internal/Restricted/Highly Restricted
17.
DefineWithholdingTax 17 Confidential –
© 2019 Oracle Internal/Restricted/Highly Restricted • A tax is the classification of a charge imposed by a government through a fiscal or tax authority • Tax regime and related configuration owner are prerequisites to defining a withholding tax • Tax authority is linked to the withholding tax and must be configured beforehand Navigation: Setup & Maintenance > ManageTaxes
18.
DefineWithholdingTax 18 Confidential –
© 2019 Oracle Internal/Restricted/Highly Restricted
19.
DefineWithholdingTax –Tax Rule
Defaults 19 Confidential – © 2019 Oracle Internal/Restricted/Highly Restricted • Note: this field is NOT editable once the first withholding transaction is created
20.
DefineWithholdingTax –Tax Authority 20
Confidential – © 2019 Oracle Internal/Restricted/Highly Restricted
21.
DefineTax Jurisdiction andTax
Status 21 Confidential – © 2019 Oracle Internal/Restricted/Highly Restricted • A tax jurisdiction is a specific geographic region in which a tax authority levies a tax • The tax jurisdiction configuration specifies the relationship between the withholding tax and its corresponding geographic region (i.e. tax zone) • A tax status is the taxable nature of a product in the context of a transaction for a tax Navigation: Setup & Maintenance > ManageTax Jurisdictions Navigation: Setup & Maintenance > ManageTax Statuses
22.
DefineTax Jurisdiction 22 Confidential
– © 2019 Oracle Internal/Restricted/Highly Restricted
23.
DefineTax Status 23 Confidential
– © 2019 Oracle Internal/Restricted/Highly Restricted
24.
DefineTax Rates 24 Confidential
– © 2019 Oracle Internal/Restricted/Highly Restricted • A withholding tax rate is the percentage rate applied to a transaction amount to determine the amount withheld • A withholding tax code is the name assigned to a specific withholding tax rate • Setup of withholding tax rates depends on preceding regime-to-rate setup tasks including: • Tax Regime • Tax • Tax Status Navigation: Setup & Maintenance > ManageTax Rates andTax Recovery Rates
25.
DefineTax Rates 25 Confidential
– © 2019 Oracle Internal/Restricted/Highly Restricted
26.
DefineTax Rates 26 Confidential
– © 2019 Oracle Internal/Restricted/Highly Restricted
27.
EnableTax forTransactions –
Specify Defaults 27 Confidential – © 2019 Oracle Internal/Restricted/Highly Restricted Navigation: Setup & Maintenance > Manage Taxes
28.
EnableTax forTransactions 28 Confidential
– © 2019 Oracle Internal/Restricted/Highly Restricted
29.
Supplier Configurations
30.
Supplier Configurations 30 Confidential
– © 2019 Oracle Internal/Restricted/Highly Restricted • After withholding tax configuration is complete, suppliers must be enabled for withholding tax • Withholding must be enabled at supplier and supplier site level • Default withholding tax treatment can be applied at supplier and supplier site level • Withholding tax exemptions can be applied at supplier and supplier address level
31.
Enable Supplier for
WithholdingTax 31 Confidential – © 2019 Oracle Internal/Restricted/Highly Restricted
32.
Enable Supplier Site
for WithholdingTax 32 Confidential – © 2019 Oracle Internal/Restricted/Highly Restricted
33.
Transaction Flow
34.
Transaction Flow –
Supplier Invoice 34 Confidential – © 2019 Oracle Internal/Restricted/Highly Restricted
35.
Transaction Flow –
Supplier Invoice 35 Confidential – © 2019 Oracle Internal/Restricted/Highly Restricted Note: When the invoice is validated, the system generates the IRS invoice automatically
36.
Transaction Flow –
Supplier Invoice 36 Confidential – © 2019 Oracle Internal/Restricted/Highly Restricted • To verify creation of the tax authority invoice, go to the ‘Taxes’ region of the invoice and select ‘EditTaxes’ • Use the hyperlink to reveal tax authority invoice details, including validation status and paid status
37.
Transaction Flow –
Supplier Invoice Accounting 37 Confidential – © 2019 Oracle Internal/Restricted/Highly Restricted • Note the system generates multiple tax lines because SalesTax andWithholdingTax both assessed on this invoice • A party can be subject to multiple taxes across multiple tax regimes as shown here
38.
Transaction Flow –Tax
Authority Invoice 38 Confidential – © 2019 Oracle Internal/Restricted/Highly Restricted
39.
Transaction Flow –Tax
Authority Invoice Accounting 39 Confidential – © 2019 Oracle Internal/Restricted/Highly Restricted
40.
Thank You
Editor's Notes
Created at the time of invoicing based on withholding tax settings
Created at the time of invoicing based on withholding tax settings