Withholding Tax Card Window
Specifies tax amounts that have been withheld from invoice payments to independent contractors or consultants to satisfy withholding tax regulations.
For more information about a specific field, select the field, and then press F1.
Additional Information
Withholding tax is the tax on non-inventory services, delivered by a vendor, who is not an employee in the company. Vendors who supply services to a company as an independent contractor or consultant must pay income taxes based on specific tax regulations established by the Italian tax authority.
A company that employs independent contractors or consultants is legally responsible for withholding a certain percentage of 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.
Tip
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See Also
Tasks
How to: Set Up Withholding Tax
How to: Print Withholding Tax Reports