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Caribbean and Puerto Rico Tax Localization


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Caribbean and Puerto Rico Tax Localization for Dynamics 365 Business Central is a solution developed by Optimus Business Transformation

Allows the compliance of Payment retention in payment for vendors in your company according to laws and regulations requested by the Department of the treasury.

This functionality is available for:

Withholding Payment for services 10% by a vendor or another rate:
Any individual or legal entity doing business in Puerto Rico that
pays for services rendered must deduct and withhold 10%
of such payments. Services rendered include payments
for professional services, repairs, maintenance, promotional
services, legal services, and all types of services in general, among
others. Ten (10%) percent of the withholding shall be sent monthly
to the Treasury Department.

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In the same way for:

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Withholding Foreign Payments (companies not registered with the
Puerto Rico Department of State) for services 29%: Any natural or
juridical person doing business in Puerto Rico and making payments
for services rendered must deduct and withhold 29% of the
payment made to foreigners/non-resident individuals or to
foreign corporations and partnerships that have not registered
with the Puerto Rico Department of State to conduct any type
of trade or business in Puerto Rico.

Features Caribbean and Puerto Rico Tax Localization:

settings

Fully configurable

It´s possible to define different taxes
rates and bases by vendor

taxes

Adaptation to legal and tax requirements

Available for Puerto Rico and another
Caribbean Countries

teamwork

Easy to use – Customer Experience

Focused on reducing complications

Functionalities

  • Vendor and Item (Service) Setup
  • Theoretical Withholding calculation (Purchase Order -Purchase Invoice) for Payments
  • New Page to control Theoretical Tax calculation paid or Open
  • Posted entries for Withholding in Payment Journal
  • Detailed Report with Document information and Withholding Amount to report to the Treasury Department
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Click below and Download
User’s Guide

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