Localization is the process of customizing software to meet country-specific laws and regulations. Systems Limited localizes Microsoft Dynamics AX to include features and functionality required to address tax and accounting-specific regulations for compliance of financial reporting requirements in Pakistan.
Below are the features and functionalities available in Pakistan:
Withholding tax localization:
Income Tax Withholding Recoding of Income tax withholding (payable and receivable) at the time payment is made to suppliers and upon receipt of payment from customers.
Sales Tax Withholding Recoding of Sales tax withholding (payable and receivable) at the time payment is made to suppliers and upon receipt of payment from customers.
Withholding Tax Settlement Withholding tax settlement process on weekly basis – individual withholding tax transaction could be selected for payment.
Withholding Tax Selection on Invoice Level Withholding tax can be selected on individual invoice level – while making payment to invoice system will calculate withholding tax as per selection on invoice.
Withholding Tax Selection on Item Selection of withholding tax on item master is available – system will compute withholding tax item-wise.
CPR Number Recording CPR number recording process on withholding tax-settled transactions.
Receivable Challan Recording Dynamics AX can be updated upon receipt of tax challan from customer so that challan receivable can be tracked.
Payment Sections, Code and Nature References Payment sections, code and nature references on withholding tax transactions and withholding tax reports.
Weekly Tax Submission Report Weekly tax report is available, which includes all the details required by tax authorities. The report is available on Microsoft Excel according to the format required by tax authorities.
Monthly Tax Submission Monthly tax report is available, which includes all the details required by tax authorities. The report is available on Microsoft Excel according to the format required by tax authorities
Assessable Value Calculation Calculation of assessable value, as per standard format provided by Custom Authorities.
Duties and Taxes Calculation on Assessable Value or ITP Value Duties and taxes recording and calculation on assessable value basis or ITP value basis.
Sales Tax on Import Recording and calculation of sales tax on import – calculation is on the basis of assessable value plus custom duty. Third party liability in case of sales tax on import.
Shipment tracking Shipment tracking details, which includes shipment clearing details.
Vendor Liability recording before product receipt Recording of vendor liability on risk and reward transfer.
Estimated landed costing Calculation of estimated landed cost on the basis of estimated charges percentages.
Actual Landed costing Recording of actual charges and comparison of estimated to actual cost.
Funded and Non-funded facilities Recoding of funded facilities and non-funded facilities other than letter of guarantee and letter of credit.
Main limit and sub limits Bank limits can be recorded as main limits and sub limits.