Oracle NetSuite Tax Compliance for Panama

LatamReady SuiteApp

NetSuite Panamá SuiteApp

LatamReady Standard Edition

LatamReady Tax Compliance SuiteApp

LatamReady SuiteApp Panama - Standard Edition

  • 1.Local transaction types and information required to produce legal ledgers required by local Tax Agency
  • 2.Five (5)  reports to be presented to local Tax Agency:
  • i.Libro de Ventas (CSV format)
  • ii.Libro de Compras (CSV format)
  • iii.Libro Diario (Excel  format)
  • iv.Libro Mayor (Excel format)
  • v.Libro de Inventarios (Excel format)
  • 3.Legal Printer integration with Mercurio – Peachtree fiscal printer
  • 4.e-Invoicing: Planned for 2019.1
  • Considerations:

    Chart of Accounts:

  • a.Panama Government does not require the use of a Statutory Chart of Accounts
  • b.If the Customer decides to use a Panama  specific COA (instead of the Corporate COA): LatamReady requires the use of NetSuite Multi-Booking feature
  • Legal ledgers:

  • a.Most of Latin American countries are in transition to exclusively require electronic versions of legal ledgers. In some countries, companies are still able to choose between the use of electronic or printed version of legal ledgers
  • b.LatamReady legal ledgers are exclusively offered following the electronic version (fields, columns and order)
  • c.Electronic version of legal ledgers can be downloaded in CSV format
  • d.Printed version of legal ledgers are not included
  • e.LatamReady includes “Accounting Book” filter in Legal Ledgers for Multi-Booking implementation (v.2019.1)
  • Average Costing:

  • a.In Latin America, the legally required type of costing is Average Costing
  • b.Latin American subsidiaries configured in NetSuite are required to transact using Average Costing
  • Safe Harbor Statement

    All forward-looking statements (future LatamReady SuiteApp releases) are intended to outline our general product direction. They are intended for information purposes only, and are not incorporated as part of our contracts. It is not a commitment to deliver any  feature or functionality, and should not be relied upon in making purchasing decisions. The development, release, and timing of any features or functionality described for LatamReady’s products remains at the sole discretion of LatamReady.