This module will not be further enhanced. Support is limited to defect fixing only.

Introduction to Tax Regulation

This module will allow banks to levy a Withholding Tax on the Interest Income earned by the customer on deposits. Additionally, it will also allow the bank to determine if a customer is eligible for tax reimbursement and subsequently process the reimbursements for eligible customers.

Therefore, using this feature will enable the bank to process the below:

• Levy Withholding Tax on Accrued Interest.
• Process Tax Reimbursement every Financial Year.

For reimbursement of taxes back to the customer, the module also performs a due diligence of determining if a customer is eligible for Tax Reimbursement before processing the proceeds of the reimbursement back to the customer.

Click here to understand the terms and abbreviations used in this functionality.