[Mifos-issues] [JIRA] (MIFOSX-1886) Ability to implement %interest in savings charges

[Ippez Robert (JIRA)]

Title: Message Title

Ippez Robert commented on MIFOSX-1886   Re: Ability to implement %interest in savings charges Research about Withholding Tax Withholding tax is applied to interest. Whether tax is payable depends normally on the category of customer, and/or on the type of tax rate, the minimum taxable amount and/or the minimum amount of tax that is payable. At the time of capitalization, the tax which is deducted will be credited to the system account for withholding tax. This account is user defined as one of the compulsory GL accounts TAX CONFIGURATIONS Unable to render embedded object: File (attachment-name.jpg) not found. Brief Explanations Tax rate Enter the percentage of tax that should be deducted from the interest when interest is capitalized for an account. Min Taxable Amt In some countries no tax is payable if the amount of interest is below a certain amount. If so then enter this amount here. Min Tax Amt In some countries no tax is payable if the amount of tax would be below a certain amount. If so then enter this amount here SAVINGS PRODUCT CONFIGURATIONS • Interest on dormant - (Should be a check box) Check this box if interest is payable on a dormant account of this product. If interest is not payable, the uncheck. • No Interest on Holds - (Should be a check box) Check this box if the balance amount on hold should be excluded from interest calculation. Interest will be calculated based on a new available balance after a balance hold is placed, edited, removed, or expired. • Tax on interest- (Should be a check box) If Withholding Tax is applied to interest payments, check this box, otherwise uncheck. The withholding tax will be applied as per the customer tax code, so that selected customers may still be tax exempt for this product, even when withholding tax applies. Add Comment   This message was sent by Atlassian JIRA (v6.5-OD-08-001#65007-sha1:1fc9846)

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