The Brazilian government plans to announce in July 2019 a list of fiscal measures to revive the Brazilian economy. They are moving forward with the tax reform project and debating about the creation of a new tax for financial transactions that will affect all large corporations with subsidiaries in the country.
For these sudden changes in the tax compliance system in Brazil or any country in Latin America, you need the best solution if you’re a NetSuite user. LatamReady is always prepared for these changes because we have experience in Brazil, Mexico, Argentina, Colombia and in the rest of Latin American countries, providing the ultimate solution for large corporations within NetSuite. Want to know more? Keep on reading so that you can be more informed about the complexity of the tax system in Brazil.
What is Systax and how does it relate to LatamReady and NetSuite?
For companies using LatamReady, the tax calculation within Netsuite is connected via web services to a local tax engine called Systax. This engine is focused on the optimization of the validation of e-invoices and the daily supply of tax configuration in Brazil.
Big corporations can connect NetSuite with Systax using LatamReady in order to send specific settings and receive the calculation for inventory sales or purchase for each of their subsidiaries in Brazil. This will allow all collected information to be properly stored within NetSuite and have all the required data available at any time in a matter of clicks.
What is the purpose of all this stored information?
The idea is to send all the information about the customer so that NetSuite can send this to Systax. This information will be sent to the corresponding tax entity in their respective states. For this to be possible, it is necessary for Systax to process this information to create the tax combinations following the structure requested by each of the states in Brazil.
In addition, all this information stored on NetSuite may be used for legal purposes or legal reports requested by government entities or by customers themselves when requested.
Then it is very necessary and convenient to implement LatamReady if you are a NetSuite user and have subsidiaries in Brazil…
If you have the standard NetSuite service and are constantly dealing with the manual work then you need LatamReady to improve your internal processes. This will allow your corporation to improve and grow in Brazil and the rest of the Latin American space.
Want to be more informed?
Check www.LatamReady.info to be aware of the changes that are happening regarding tax compliance in Brazil, Argentina, Mexico, Colombia, and many other countries in the Latin American space. Feel free to call one of our sales reps at +1-786-600-2641 to know more about us at www.latamready.com