To you, international business owners, here is probably the most important aspect when it comes to tax compliance in Latin America: TIME.
The constant changes in support in Latin America, the constant changes in the local tax requirements… if you want to operate in the Latin American region we have to always be up-to-date in order to avoid any trouble with the local tax authorities and not jeopardize your business. Keep on reading to find out how to beat time and have flourishing activities in your Latin American subsidiaries by having an efficient accounting and tax reporting system!
What is happening when you start operating in Latin America…
One example to illustrate our point: Many years ago, we received a prospect, who is now one of our customers, who wanted to open subsidiaries in Latin America and was, therefore, working on a list of legal requirements for 5 countries.
…but you don’t know anything about time management!
The customer and his team worked on that list for more or less 3 months! What? Can you imagine an American implementation team traveling to each one of these 5 Latin American countries just to know more about those requirements and write them down, and maybe even taking a picture of the documents that are required..! What a waste of time! Why you may ask! Simply because the list they took ages to build… may not be valid anymore!
Indeed, this list was probably valid 3 to 5 months ago, but the local requirements are totally different now.
Why is this so important to always be up-to-date in Latin America?
The tax regulations change ALL THE TIME in Latin America! There are no rules that are set in the long run, not for the whole year in any case. Moreover, there is not a specific time of the year when the local governments are changing the rules. You, therefore, have to know on the spot, always be up-to-date and update yourself to find out what’s new, what is going on with the tax regulations in the region. Furthermore, doing this process will lead to a misunderstanding of the deadlines and the reports you have to provide, sometimes both monthly and annually, depending on the country and the type of reports as well…
I myself want to be up-to-date about the tax requirements in LatAm, what should I do?
Our LatamReady SuiteApp is the ultimate solution to all your tax compliance problems as it includes e-invoicing, e-payments, legal ledgers, and many other features for more than 14 other countries in Latin America within NetSuite. Time management won’t be a problem for you anymore, thanks to LatamReady!
Feel free to call one of our sales rep at +1-786-600-2641 to know more! You can also find our pricing list on www.latamready.com, after that you’ll be fully on point with LatAm tax compliance using NetSuite, that’s for sure!