Globalization and technological development over the past last decade, including the need for tax compliance has made foreign companies with subsidiaries in Latin America unable to deal with all the requirements and only focus on their core businesses, transferring their resources to expert assessors in those activities, basically outsourcing certain functions including finance & accounting, Multi-booking, payroll, tax management, and other tax regulation requirements.
With an increasing focus on tax issues around the world, companies rely on advisors to help them meet their tax obligations and operate efficiently in today’s complex global tax environment. LatamReady has developed the ULTIMATE tool to relieve stress and workload within NetSuite to all the international companies with subsidiaries in the LatAm region. Keep reading to know more!
Tax Reporting… What do we know?
While the local tax service updates their systems constantly (as that is their focus), many companies in Latin America still work manually which can take weeks to process including the fact that the process always changes. Because of this, the LatAm government regulatory authority is accepting new process systems that help Multi-Latin companies to process their tax requirements faster.
For example, the Mexican government was the first who decided to have electronic accounting books. Two years later, Colombia decided to do the same. The same happened with electronic invoicing, it started in Mexico then it went to Chile and now ten countries in the Latin American region are requiring electronic invoicing for the tax reporting.
So what is ‘Tax Reporting’?
Tax reporting is all about control, it’s all about the tax authority receiving the right information in a specific format, which is a digital format today.
Tax authorities must receive that every month so they are in control and they see who is paying their taxes and what amount of taxes is being declared.
It’s a challenge to generate those specific reports from an accounting system, those reports are very dynamic just like the tax rates, structures can differ, new requirements, new kinds of information is required on those documents, so it’s not easy to have a solution for that.
We are the pillar you need!
As you may know, the LatamReady SuiteApp is the BEST Tax Compliance solution inside the LatAm region within Oracle NetSuite. LatamReady works tirelessly every day to provide the best experience with the ultimate solution to all international corporations’ tax compliance problems. E-invoicing, E-payments, Legal Ledgers, and many other issues can be dealt with via LatamReady.
Be aware of the changes that are happening regarding tax compliance not only in Brazil but also Argentina, Mexico, Colombia, and 18+ other countries in the Latin American space please check http://www.latamready.com or feel free to call one of our sales reps at +1-786-600-2641.
Want to implement the ULTIMATE Tax Compliance solution?