Who are withholding agents?
Organization or any company Government Owned Enterprises, Share Co, private Limited Co, partnership, etc incorporated under the law of Ethiopian or abroad, private non-profit organization and Non Governmental Organization (NGO) having legal personality.Obligations and records of withholding agents • Issue serially numbered official receipt to persons and organizations from whom tax is withheld; • Fill in a form provided, taxpayer identification number (TIN), total payments and tax withhold. • Transferring the tax withhold to the tax authority within ten days from the end of month of transaction. • Withholding agent shall maintain and make available for inspection, records in relation to each fiscal year for payments made and tax withheld. • The withholding agent shall keep the records for five (5) years after the end of the fiscal year to which the records relate.Which types of services are subject to withholding tax? Types of services that are subject to withholding tax: – • Consultan
Withholding agents are employers who are required by the Internal Revenue Service to withhold income tax on salaries, wages, tips, fees, bonuses and commissions. To find out if you should withhold state and county taxes for your employees, contact the Internal Revenue Service at (800) 829-4933. If you are required to withhold federal taxes, then you must also withhold Indiana state and county taxes. Withholding payments must be made to the Indiana Department of Revenue by the due dates or penalties and interest will be assessed. If you do not file a return and pay the proper amount of tax, you will face criminal prosecution for fraud or tax evasion.
Withholding agents are employers who are required by the Internal Revenue Service to withhold income tax on salaries, wages, tips, fees, bonuses and commissions. To find out if you should withhold state and county taxes for your employees, contact the Internal Revenue Service at (800) 829-4933. If you are required to withhold federal taxes, then you must also withhold Indiana state and county taxes. Withholding payments must be made to the Indiana Department of Revenue by the due dates or penalties and interest will be assessed. If you do not file a return and pay the proper amount of tax, you will face criminal prosecution for fraud or tax evasion.
