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

Introduction to Taxes

This module manages the calculation and collection of the financial transaction tax on debits and credits.

Tax on Financial Transactions (ITF)

As per the Peruvian laws, this functionality allows banks to apply a tax on financial transactions (ITF) on the operations carried out under different products (liabilities and assets) offered to its clients and the accounting thereof. The ITF tax applies to local (PEN) and foreign currencies (USD).

Temenos will supply standard products with full tax setup. As taxes is a regulatory maintenance module, it is owned by Temenos and we have upgrade it as required to keep in line with changing regulations. The following new products have been created for Peru:

• Current accounts.
• Savings accounts (savings and salary account).
• Term deposits.
• Personal loans.
• Mortgage loans.

The following ITF tax rate have been configured to be applied:

• Tax rate per currency out of the box.
• Tax rate to be applied based on start date out of the box.

The ITF tax is calculated and applied to the following financial transactions:

• Savings and current accounts (cash deposits and cash withdrawals).
• Salary account (payments and withdrawals).
• Issue of cashier’s check.
• Transfers between accounts.
• Loans (disbursements and repayments).
• Fixed term deposit (opening and redemption).
• Debit card (purchases through POS and cash withdrawals in ATM).

Truncation and rounding applies to every type of financial operation carried out through every channel (teller, home banking, internet, POS, apps).

The following items have been introduced as part of this functionality:

• The ITF Tax Exempt field has been added to the CUSTOMER application to identify an exempted customer from ITF.
• The ITF Tax Exempt field has been added to the AA.PRD.DES.ACCOUNT application for ITF exempt to identify an exempted arrangement from ITF.
• The ITF Tax Exempt field has been added to the AA.ARR.ACCOUNT,PETAXS.CURRENT.ACCOUNT, AA.SIM.ACCOUNT,PETAXS.CURRENT.ACCOUNT, AA.ARR.ACCOUNT,PETAXS.SAVINGS.ACCOUNT and AA.SIM.ACCOUNT,PETAXS.SAVINGS.ACCOUNT versions be used in the AA.PRD.DES.ACTIVITY.PRESENTATION for current and savings accounts.
• The ITF Tax Exempt field has been added to the AA.ARR.ACCOUNT,PETAXS.DEPOSIT and AA.SIM.ACCOUNT,PETAXS.DEPOSIT versions to be used in the AA.PRD.DES.ACTIVITY.PRESENTATION for deposits.
• The ITF Tax Exempt field has been added to the AA.ARR.ACCOUNT,PETAXS.LOAN and AA.SIM.ACCOUNT,PETAXS.LOAN versions to be used in the AA.PRD.DES.ACTIVITY.PRESENTATION for loans.
• The TELLER,AA.DISBURSE.PE version has been created to allow users to perform loan disbursements.
• The TELLER,PETAXS.AA.REPAY version has been created to allow users to perform a repayment.