Tax

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Navigation:  Payroll Module > Step 3 - Edit Menu > Transaction Codes >

Tax

To Create an Earnings Transaction Code

- Go to the 'Edit', then 'Transaction Codes' menu options

- From the table of existing Transaction Codes, press Insert

- A list of Transaction Categories are listed

 

TaxCredits

 

PAYE and Aids Levy transaction codes come through automatically when processing transaction on Belina PayrollHR:

945        PAYE

946        Aids Levy

 

Other tax transaction codes that can be set up separately are:

tog_minus        Tax - Deductibles

Use 'Tax - Deductibles' Transaction Code to process expenses incurred by the employee, outside the payroll, that are tax deductible.  Examples include payment of trade and professional subscriptions, purchases of tools and other expenses incurred in order to earn the income that is now being subjected to PAYE.

 

TaxDeductibles2

 

To create an 'Tax - Deductibles' Transaction Code:

- Go to the 'Edit' , 'Transaction Codes' menu options.

- Click 'Insert' and select the Transaction Category 'Tax - Deductibles'.

- Accept/ Change the default 'Code'.

- Enter an appropriate 'Description'.

- Select the 'General Ledger' Codes to be entered onto journal reports and exports for the Employee and Employer.

- Set the 'P6 Field' for year end ITF16 export.

- Set the 'Duration' - whether the transaction is to come through for a 'Single', 'Multiple' or 'Indefinite' number of periods.

- Click Ok to save the new Transaction Code.

 

More:

tog_minus        Tax Deductible - Donations and Contributions

The following Donations and Contributions are tax Deductible

 

Description

Section

Limit Per Annum

 

Donations to National Scholarship Fund, National Bursary Fund and charitable trusts

15(2)(r)

None

 

Contribution for equipment, construction, extension, maintenance of hospitals and procurement of drugs and equipment.

15(2)(r1)

US$100 000

 

Contributions to a research institution

15(2)(r2)

US$100 000

 

Contribution for equipment, construction/ extension, and maintenance of schools and procurement of books

15(2)(r3)

US$100 000

 

Donations to the Public Private Partnership Fund

15(2)(r4)

US$50,000

 

Donations to the Destitute Homeless Persons Rehabilitation Fund

15(2)(r5)

US$50,000

 

Expenditure on attending Convention or Trade Mission

15(2)w(i)

Amount incurred for attending not more than one convention or trade mission in any one year of assessment limited to  US$2 500

 

Contribution to the maintenance of buildings, roads, bridges, sanitation works, water works, public parks, or any other utility amenity or item of infrastructure approved by the Min responsible for local government

Sect 15(2)(kk)

US$50,000

 

tog_minus        Tax - Levy

Use 'Tax - Levy' Transaction Code to process additional amounts of Tax Levy amounts against employees.

 

TaxLevy

 

To create a 'Tax - Levy' Transaction Code:

- Go to the 'Edit' , 'Transaction Codes' menu options.

- Click 'Insert' and select the Transaction Category 'Tax - Levy'.

- Accept/ Change the default 'Code'.

- Enter an appropriate 'Description'.

- Select the 'General Ledger' Codes to be entered onto journal reports and exports for the Employee and Employer.

- Set the 'Duration' - whether the transaction is to come through for a 'Single', 'Multiple' or 'Indefinite' number of periods.

- Set the 'P6 Field' for year end ITF16 export.

- Select whether the Transaction Code should be inserted automatically onto every payslip on the payroll.

 

Dependencies: This Transaction Code can be set-up such that the processed amount can be based on a percentage, amount or the number of units stated in one or more Transaction.

 

More:

 

tog_minus        Tax Credit

This Transaction Code is a system generated Transaction.  No User setup is required - it is automatically generated and entered, when, the Calculation Routine is run.  The value of tax credits to be applied in the current period comes through onto the payslip for  easy identification and checking.

tog_minus        PAYE Calculated

This Transaction Code is a system generated Transaction.  No User setup is required - it is automatically generated and entered, when, the Calculation Routine is run.  The value of the PAYE amount in the current period comes through onto the payslip for  easy identification and checking in conjunction with the FDS Display.