The IOF Tax supports all three rates: flat, daily and late repayment. Customers can add the IOF Tax at the product level and also overwrite the tax amount at an account level. In addition to that, with each increase in the principal amount on a specific instalment, there is a scheduled recalculation that triggers the application of an additional IOF tax on the loan account.

Setting up the IOF Tax in Mambu is easy and flexible and meets all the legal requirements regarding the application and repayment of IOF. The customer can define dedicated GL accounts per rate, view balances per rate, view amounts on the schedule and in transaction details and adjust amounts.