From the 1st of April 2020 the way in which Interest and Withholding Tax is reported to the IRD has changed, through an IRD process known as Investment Income Reporting (IIR).
IIR within finPOWER Connect comes in the form of a Report, and a File Export process. This adds the ability to export up to three file types, one for each supported Withholding Tax Type:
This functionality is only available if licensed for Deposit Accounts.
Prior to IIR, Finance Companies paying interest to Investors were required to file an annual report, which detailed gross interest paid to the investor, and total Withholding Tax deducted. This is supported in finPOWER Connect via the generation and export of Tax Certificates.
From the 1st of April 2020, instead of reporting annually, Finance Companies must report these figures monthly and via either a bulk file upload or API. finPOWER Connect only supports the bulk file upload.