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SMART WHT Localization for Azerbaijan

by SMART business LLC

Precise and streamlined solution for calculating withholding tax, ensuring both accuracy and efficie

Analyzing each transaction and managing withholding tax (WHT) calculations, along with preparing withholding tax declarations, is a time-intensive process for accountants. SMART WHT offers a swift and precise solution, enabling organizations to efficiently calculate WHT in full compliance with Azerbaijan Tax Legislation, while seamlessly generating the corresponding tax declarations directly within Business Central.

Optimizing financial processes is essential, but the meticulous task of reviewing each transaction and handling complex Withholding Tax (WHT) calculations, along with preparing Withholding tax declarations, consumes valuable time for accountants. SMART WHT Localization for Azerbaijan offers a groundbreaking solution that accelerates the process while guaranteeing exceptional accuracy. This tool empowers organizations to seamlessly compute WHT in full compliance with Azerbaijan Tax Legislation and automatically generate the necessary tax declarations directly within Business Central. Experience enhanced efficiency, precision, and significant time savings with SMART WHT Localization for Azerbaijan.

SMART WHT Localization for Azerbaijan offers the flexibility to configure withholding tax (WHT) at varying tax rates for different services and suppliers, enabling WHT calculation on cash basis, as well as the preparation of tax declarations. The solution ensures precise accounting for WHT contributions, facilitating a transition from a payment-based to an accrual-based approach. It accommodates all scenarios mandated by Azerbaijan Tax Legislation concerning WHT, including Double Taxation Agreements. WHT is automatically calculated during the posting of supplier payments. The tax declaration is generated with all required fields, mirroring the Tax portal declaration format, and can be directly uploaded to the Tax portal. SMART WHT Localization for Azerbaijan delivers a comprehensive solution for accurate and efficient financial reporting.


Functionality​:

  • Calculation of WHT for foreign and local suppliers

  • Setup of different WHT rates for different suppliers and services

  • Calculate and deduct WHT when making a payment to suppliers

  • Accrual and cash based calculation of WHT

  • Double Taxation Agreements

  • Prepare Tax declarations and WHT reports

Benefits​:

  • Flexible – simple configuration of varying WHT rates for different services and suppliers.
  • Time-saving – automated WHT calculations upon posting of transactions.
  • Preformatted for direct upload of WHT tax declarations to Tax portal.
  • Highly effective – eliminates the risk of errors
  • Analytical – provides a comprehensive overview of WHT entries (including base amount, calculated WHT, tax declaration line codes, and more).

          At a glance

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