Well, you think you know everything about taxes? You’re wrong then! At LatamReady, when we talk about taxes, we always refer to sales taxes. Indeed, within the LatAm region, the biggest tax challenge has been and is still withholding taxes. Since you come from North America, Europe or Asia, the concept of withholding taxes doesn’t make any sense to you? No worries! As always, LatamReady, the #1 expert in tax compliance in Latin America within NetSuite, is going to help you out and you’ll go to bed a wiser person tonight.
Withholding taxes… tell me more!
Well, a withholding tax is basically the amount of money that the payer of an item, in which he has to withhold or deduct tax from the payment, and pay that tax to the direct government.
Here’s a quick example: Mr. X receives a bill from a supplier, Mrs. Y. Mr. X has to pay to Mrs. Y…let’s say 70% of the bill, and the 30% that are left, Mr. X should pay them to the government directly. Afterward, he has to send a withholding tax certificate to Mrs. Y. Obviously, that’s a very simple example of withholding taxes, which is way more complex than it actually seems.
Withholding taxes: a quagmire for big international corporations?
Not at all! The specificity of withholding taxes is that the way you handle them has to fit the local tax requirements, and these ones do vary from a country to another..! But still, no worries! Our LatamReady SuiteApp includes withholding taxes for Brazil, Mexico, Argentina, Colombia, and many others. Well, as you can see, our native SuiteApp is the ultimate solution to all your tax compliance problems as it includes not only withholding taxes but also e-payments, legal ledgers, and many other features for more than 14 other countries in Latin America within NetSuite.
Dear reader, here’s the next step into your mission:
Call one of our sales rep at +1-786-600-2641 to know more about your tax compliance mission! You can also find our pricing list on www.latamready.com, and after that, you’ll easily and successfully achieve your mission regarding LatAm tax compliance using NetSuite, that’s for sure!