Withhold Codes Window
Specifies withholding tax codes that are used to satisfy withholding tax regulations for purchases from vendors. You can use this window to set up and modify withholding tax codes. When you set up a withholding code, you specify the withholding tax type, withholding percentage, and withholding tax payable account.
For more information about a specific field, select the field, and then press F1.
Additional Information
In Italy, businesses must withhold taxes from payments to certain types of vendors. Withholding tax is the tax on non-inventory services, delivered by a vendor, who is not an employee in the company.
A company that employs independent contractors or consultants is legally responsible for withholding a percentage of purchase invoice amounts at the time of payment. This amount is paid to the government as an advance on the income taxes that the vendor will owe at the end of the year. Withholding tax is calculated during invoice payment rather than during invoice posting.
Each year, businesses must submit form 770 to the tax authority. This form contains information about the suppliers from whom withholding tax has been collected.
Tip
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See Also
Tasks
How to: Set Up Withholding Tax
How to: Print Withholding Tax Reports