In many countries, royalties paid to a licensor in another country are subject to a withholding tax, usually a fixed percentage. RoyaltyZone helps licensors and licensees manage Withholding Tax:
1. Track the Withholding Tax percentage for each agreement
2. Deduct the Withholding Tax amount from each invoice for the agreement
3. Export a list of all Withholding Tax deductions
To enter the Withholding Tax percentage for a NEW agreement:
1. Create a new agreement
2. Enter the Withholding Tax rate as a percentage (do not include the % symbol) on the first page of the new agreement entry process.
To enter (or edit) the Withholding Tax percentage for a EXISTING agreement
1. Click "Actions > Edit"
2. Enter (or edit) the Withholding Tax rate as a percentage (do not include the % symbol)
3. Scroll down to the bottom and Click "Save"
Withholding Tax is itemized and deducted on every invoice created for the agreement
Note: The amount can be adjusted when the invoice is created by entering in the amount in the withholding field.
To receive a payment, enter the actual amount paid to you, click "Receive Payment"
Click "Received"
Choose Payment type from the drop down menu
Enter Information and click "Save"
Note: The amount can be adjusted when the invoice is created by entering in the amount in the withholding field.
Withholding Tax is captured in the invoice payment history
To export a list of all Withholding Tax deductions:
1. Click Reports
1. Click " All Invoices"
2. Use Filter for desired information
3. Sort results by Country, Licensee, Due Date, or any other column header to obtain WIthholding Tax totals
Confidentiality Notice
This document may contain information of a confidential, proprietary and/or sensitive nature. This document and the information in it may not be reproduced or disclosed to any unauthorized users without the prior written permission of FilmTrack, Inc (here-to-forth known as ‘The Company’). Any unauthorized reproduction or disclosure of this document or the information contained in it is strictly prohibited. All authorized reproductions (either in whole or in part) shall bear this confidentiality notice.
0 Comments
Add your comment