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Withholding tax deduction

seanog91 · 2012-10-27 11:02:44

Hey, I know this i a stupid question but I am confused. For withholding tax if it is deducted from the payment of the purchase does that mean it is added on or taken off the cost price? So for argument sake: If I bought land for €200 and there was a 20% WHT on it = 40,000 would my final payment be 160 or 240?

27-10-2012 11:02am

#1

seanog91

Registered Users, Registered Users 2 Posts: 15 ✭

Join Date: November 2011

Posts: 6

Hey,

I know this i a stupid question but I am confused. For withholding tax if it is deducted from the payment of the purchase does that mean it is added on or taken off the cost price?

So for argument sake: If I bought land for €200 and there was a 20% WHT on it = 40,000 would my final payment be 160 or 240?

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Comments

#2 27-10-2012 12:19pm

nompere

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If it's the case that you have to deduct withholding tax of 20% when buying something from someone for €200, then you pay €160 to the person you're buying from and €40 to Revenue.

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