AP Statutory Extension - An overview

Whenever a transaction involving products and services takes place between the customer and the supplier, an invoice is created on the supplier. Accounts Payables (AP) involves all the accounting aspects of such debt owed to the supplier. One of the aspects of AP is the taxes, charges and discounts that are applicable for such invoices. Such TCD depends on the terms and conditions of the contract between the customer and the supplier and also on the government regulations of the home country. These government regulations differ from country to country. However, the common practice is that tax invoice has to be recorded and tax reports generated for submission to the tax authorities. Also, the customer deducts a certain amount that is called as withholding tax from the payment due to the supplier and submits a WHT certificate to the supplier, which in turn will be use by him to claim tax from the government.

In order to accurately and efficiently handle such regulatory processes, in the aviation industry, this business component has been developed. With the help of the following activities such statutory requirements can be maintained.

Print Tax Reports

This activity enables you to generate tax reports, which is a statutory requirement, for Value Added Tax (Value Added Tax - A tax levied on the amount by which the value of an article has been increased at each stage of its production or distribution) or Withholding Tax (A tax that has been deducted at source, from payments made to the supplier) for a given financial period. 

Maintain Tax Invoice Details

This activity enables you to record tax invoice details from the supplier. It also computes and accounts for such taxes that are required to be claimed on receipt of tax invoice from suppliers. 

Manage With Holding Tax Certificate

This activity enables you to print WHT certificate to be submitted to the supplier for the tax that has been deducted from the payment due to him.

Getting familiar with the activities inside

.