Tax Compliance Solution within NetSuite
Once your company starts expanding to Latin America, the level of tax complexity will increase significantly and how to scale operations to keep pace with expansion will become your headquarters’ new hurdle.
LatamReady's Tax Compliance solution for multiple countries in Latin America
Sales Taxes in Brazil are calculated inside of NetSuite via a blended solution that combines NetSuite localization tools, LatamTax (LatamReady Tax Engine developed inside of NetSuite and designed exclusively for Latin America) and Systax (A Leading solution for Tax Calculation in Brazil specialized in Inventory Taxes).
Mexican accountants are required to post Sales and Purchases following local rules to inform if a transaction is Billed/Registered or Collected/Payed, Payment Terms (Cash or Credit), Taxes Applied, Type of Customer (Local or Foreign), etc.
LatamTax and LatamReady’s Tax Engine are two tax softwares developed inside of NetSuite. They are designed exclusively for Latin America and are suitable for the complexity of local Withholding Taxes in Sales and Purchases.
LatamTax produces the required format for Withholding Tax Certificates that are required by Suppliers in Colombia. No more local Tax IDs incorrectly registered!
LatamReady includes the local validation algorithm required to verify that!
Gladly, your company already has the first step of the solution:
Oracle NetSuite. As you know, it will allow the company to manage all key business processes in a single ERP (Enterprise Resource Planning) system. The next stride to achieve financial consolidation is many times underestimated by companies; this is, the acquisition of Tax Compliance applications. Unfortunately, a lot of companies that decide to expand to the latin region believe having NetSuite is enough and they don’t realize the effect certified Tax Compliance applications can have on their business.
LatamReady's Tax Compliance solution for Latin America within NetSuite
Our team is ready to talk about the complexity of Tax Compliance !