Legal Ledgers in Argentina: Challenge accepted

For many companies, tax compliance can be a headache due to the complexity of local laws and all the legal ledgers that must be submitted at the end of each period. Now imagine what happens to big international corporations that have subsidiaries in Argentina, Brazil, Mexico, Colombia, and many other countries in the Latin American region. 

Watch our webinar spoiler right here: https://youtu.be/NGG_QVwO4e8

How do they deal with that? Is it that big corporations have a huge team to deal with all the required documentation and be compliant to the local tax system of each country? Did you know that in countries like Argentina, legal ledgers must be presented at the end of each month? If you currently have a subsidiary in Argentina or seek to open soon and you and still have doubts about this issue, I invite you to continue reading to understand better the situation in Argentina.

Something common for American-based companies that have subsidiaries in Argentina…

Something very common is that many American-based companies with subsidiaries in Argentina are still using the global charts of accounts in US dollars following American GAAP specifications. And this could be a problem because they won’t have the ability to jump to a secondary book to produce the local legal Argentinian book based on what they are having. 

One important thing to know is that in Argentina, legal ledgers have to be produced monthly… 

Not only that, but also have to be presented monthly, quarterly, and annually, and in a specific testify. The main reason for having those books it’s because the Argentinian local tax authority in order for them to have a record of the purchases and sales made by each company in each month. This information is then checked and stored so that at the end of each quarterly and annual period, the local authority will be able to access its database to ensure that the companies comply with Argentina’s tax laws.

Something you should keep in mind too…

Something you should keep in mind is that Argentina now requires electronic formats for taxes and withholding taxes. That’s why Argentina is now migrating from printed ledgers to electronic ledgers. Only in the case of general ledgers, such as libro diario o libro mayor, it’s still necessary to print a PDF.

To know more about LatamReady SuiteApp for Legal Ledgers in Argentina: https://youtu.be/WWmV-MM_IXU

Do you own a subsidiary in Argentina or anywhere else in the Latin America Region? 
Based on our own experience, LatamReady has developed the ultimate SuiteApp in order to be compliant to the tax regulations in Argentina, Mexico, Argentina and Colombia including not only legal ledgers but also e-payments, e-invoicing, and many other features for more than 14 other countries in Latin America within NetSuite. Feel free to call one of our sales reps 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!

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