In many countries, royalties paid to a licensor in another country are subject to a Withholding Tax, usually a fixed percentage. RoyaltyZone helps licensors and licensees manage Withholding Tax:
1. Track the Withholding Tax percentage for each agreement
2. Deduct the Withholding Tax amount from each invoice for the agreement
3. Export a list of all Withholding Tax deductions
To enter the Withholding Tax percentage for a NEW agreement:
1. Create a new agreement
2. Enter the Withholding Tax rate as a percentage (do not include the % symbol) on the first page of the new agreement entry process.
To enter (or edit) the Withholding Tax percentage for an EXISTING agreement
1. Click "Actions > Edit"
2. Enter (or edit) the Withholding Tax rate as a percentage (do not include the % symbol)
3. Click "Save"
Withholding Tax is itemized and deducted on every invoice created for the agreement
To receive a payment, enter the actual amount paid to you
Withholding Tax is captured in the invoice payment history
To export a list of all Withholding Tax deductions:
1. Click "Reports"
2. Click "All Invoices" to export invoice data to XL
3. Sort results by Country, Licensee, Due Date, or any other column header to obtain WIthholding Tax totals
