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IRC is the Collective Income Tax and it must be calculated based on the company income at the end of a period, that is, the company taxable income is checked and the rate determined by IRC code for the company industry is applied. This process results in the value to be withheld.

IRC calculation process must be made through Accounting, in which ledger accounts that have values of taxable income to be used as calculation basis for IRC are indicated.

There are some specific situations (see Legislation) in which IRC must be calculated and withheld in the invoice which originated it. For these situations, the tax can be calculated when the Inflow Invoice is entered and withheld when the bill payable is written off, in the Financials module.

Legislation Contemplated:

Decree-law nr. 442-B/88

For further information, access:

http://info.portaldasfinancas.gov.pt/pt/informacao_fiscal/codigos_tributarios/circ_rep/index_irc.htm

Procedures

Protheus provides basic configurations of Variable Taxes and TIO for IRC. If you need to add new configurations, check the following registers:

1. In Variable Taxes, fill out the fields:

• Tax Code: enter IRC.
• Inflow Formula: enter the name of the function that calculates IRC during inflow. The function available in Microsiga Protheus® is M100IRC.
• Tax Record Field: IRC must be always saved in the field 2 of Tax Records in order to enable the withholding through the Financials module.
• Rate %: enter the standard rate for IRC calculation. The standard rate is 25%. However, if you need to use a different rate in specific operations, just use VAT Plan for exception treatment.

2. In Inflow TIO, you must enter IRC calculation. The most important fields are:

• Tax Code: enter IRC.
• Sum in Trade Note: fill out with 3-Indifferent (since this value must not be added to the trade note total)
• Sum in Inv. Total: fill out with 3-Indifferent (since this value must not be added to the document total)

3. In Supplier, in Tax Records folder, indicate that IRC withholding must occur in the field Withhold IRC.

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