Payment Tax Withholding Caribbean & Puerto Rico Tax Localization for Dynamics 365 Business Central
Payment Tax Withholding Caribbean & Puerto Rico Tax Localization for Dynamics 365 Business Central is a solution developed by Optimus Business Transformation that 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, 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.
In the same way for :
Withholding Foreign Payments 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. If the non-resident individual is a U.S. citizen, twenty (20%) percent must be withheld.
Features Caribbean and Puerto Rico Tax Localization:
• Fully configurable. It´s possible to define different taxes rates and bases by vendor
• Adaptation to legal and tax requirements for Puerto Rico and another Caribbean Countries
• Easy to use - Intuitive and automatic.
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
Vendor Setup
Item Setup
Posted Purchase Invoice
Payment Journals
OTHER INFORMATION
Search keywords: Localization, Puerto Rico, Witholding
Products your app work with: Dynamics 365 Business Central
Markets:
Country/Region Localized by Availability Environment Country Abbreviation Azure Region
Puerto Rico Partner Available PR Brazil South
App Type: Add On
Listing Type: Contact Me
Categories: Compliance & Legal Finance
Industries: It doesn’t apply
App Version: 1.0.2211.01
Offer Name: Caribbean and Puerto Rico Tax Localization
Offer Summary: Payment Tax Withholding Puerto Rico for Dynamics 365 Business Central
