In Argentina, taxes can be tricky, we can find a lot of document types and requirements for the legal necessities not only national but also within the different regions of Argentina.
When comparing Argentina to how the United States deals with its tax necessities, it’s clearly a different story. The US has separate taxes for federal, state, and local governments. Additionally also dealing with taxes on income, payroll, various different fees, and many other requirements.
Because of this when a party tries to explain taxation in Argentina or any other country in Latin America it’s impossible to use the same format that the US government uses themselves. Don’t be afraid we are here and we have the solution you need!
What do you need to know about Argentina
In Argentina, there are two modes of taxation, the general regime, and a simplified tax process system. Taxpayers who are subject to taxation under the general regime are recognized as individuals or legal entities that pay the following taxes such as ‘profit tax’, ‘VAT’, the minimum expected ‘profit tax’ and any other internal tax that is subject to collection and control by the Federal Administration. The essence of the simplified taxation process is the establishment of a single tax operation consisting of two components: an integrated tax requirement and a fixed amount.
Never compare your Latin American processes with US processes
Unlike the US, taxes fall much more heavily on labor income than on capital income. Different taxes and subsidies for different forms of income and spending can also create a form of indirect taxation of some activities over others. For example, individual spending on higher education can be said to be “taxed” at a high rate, compared to other forms of personal expenditure which are formally recognized as investments.
An ALL-IN-ONE Solution
As you may know, the LatamReady SuiteApp is an excellent Tax Compliance solution inside the Latin American region within Oracle NetSuite. LatamReady works tirelessly every day to provide the best tool with the ultimate solution to all international corporations experiencing tax compliance problems. E-invoicing, E-payments, Legal Ledgers, and many other issues can be dealt with via LatamReady, all within NetSuite!
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 www.latamready.com or feel free to call us at +1-786-600-2641 to avoid any more problems!
Want to implement the ULTIMATE Tax Compliance solution?