ICA Withholding operations, in the region of Bogotá, always occur in purchase: the acquirer of goods pays a part of the tax that the issuer must pay.
The ICA Withholding follows the same concept as the ICA Calculation, except the rates may be different depending on the concept of the service. In case of withholding, the tax amount is deducted from the amount of the payable trade bill, because the withholding is effected by the purchaser.
Functions of ICA calculation are used to compose ICA Withholding calculation, since the calculation is the same. The difference is in the generation of invoice bills because when there is withholding, the TIO to used are specific for withholding, since ICA value calculated must be fully withheld.
Withholding percentage is defined in Variable Tax table. In purchases, ensure the parameter MV_AGENTE is configured as SS, that represents VAT withholding. In sales, the field ICA Withholding must be filled out with S. |
The fields and routines involved are
Important information when the tax is created. | ||
Description | Content | Important Notes |
Registering a tax - ICA | ||
Tax Code | RCO |
|
Description | ICA Withholding |
|
Field in Tax Records | 7 | ICA is always saved in fields 3. Tax Base, Rate, and Tax Value. |
Inflow Calculation Formula | M100RICA | This function is analyzed with ICA calculation during inflow. It is run internally to generate inflow invoices either manually or by the purchase order. |
Outflow Calculation Formula | M46ORICA | This function is analyzed with ICA calculation during outflow. It is run internally to generate outflow invoices either manually or by the sales order. |
Fee % | 11.04 | 11.04% Standard |
See Also
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