Ideas for the Mambu Banking Engine

Option to apply taxes to Principal

What?

Add an option to apply taxes to principal amount in the loan product. Ideally, this should be configurable similar to the current option to apply taxes to Interest, fees, and penalties and should have the option to select the tax source at account creation.

Why?

Some countries have complex tax regulatory and legal requirements. These taxes are calculated similar to the base on which regular interests is calculated, applied on the same frequency as the installment, and reflected in the loan schedule as tax. Adding this option would support this tax regulatory requirement.

  • Kareem Barreto
  • Aug 5 2019
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