Forum Discussion

michlsa's avatar
michlsa
Experienced Cover User
2 years ago

International Withholding Tax

Hi We recently invoiced a company in India and when paying they have deducted 20.8% withholding tax.  What is the best way to record this deduction for tax purposes. thanks
Princess_R's avatar
Princess_R
MYOB Moderator
2 years ago

HI michlsa,

 

Thank you for your post.

 

In this matter, if you do need to deduct a portion of an invoice for tax purposes, you would need to create the appropriate tax code on the transaction or create a new account that you can use in that line on the invoice with a negative value to reduce the overall total amount of the invoice.

 

Please note that we always advise seeking assistance from your accountant regarding such queries.

 

Please feel free to create a new post again if you need help in the future, and we're always here to help.

 

Cheers,

Princess

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