We know the main challenge in Latin America is to reach perfect compliance with your taxes, but to defeat all the difficulties you need to overcome some initial obstacles, such as:
- Different languages between countries
- Correct translation
- Understanding specific terminology
Don’t pass up this huge opportunity to learn more! Pay attention and keep reading.
Why Are Taxes in LatAm so Hard to Understand?
Despite the fact that most countries in Latin American speak Spanish, each country uses different terms to refer to many of the same tax items or issues. The different dialects of each country often generate confusion among the Latin American countries themselves and even more so for international companies who aren’t familiar with the language.
For example, E-invoicing is a form of electronic billing that is used for negotiations between customers and their suppliers.
In Mexico, the term for an e-invoice is ‘comprobantes electronicos fiscales’ and in Colombia it is ‘facturas electronicas’. In both countries, it means the same but they don’t use the same word. This phenomenon is commonplace when it comes to tax compliance regulations in Latin America and contributes to confusion on the part of international corporations trying to open subsidiaries across the region.
LatamReady SuiteApp is an Unbreakable Shield
LatamReady can solve every tax-related problem international corporations face, including language confusion. The LatamReady SuiteApp is a leading tax compliance solution for large corporations using NetSuite in the Latin American region.
LatamReady’s team of over 100 NetSuite professionals works tirelessly every day to provide the best tool for international corporations experiencing tax compliance problems. From E-invoicing to E-payments, legal ledgers and more, the LatamReady SuiteApp automates and simplifies complicated back-office accounting requirements, all within NetSuite!
Stay cognizant and up-to-date with all the changes that are happening regarding tax compliance in 18+ Latin American countries, including Brazil, Argentina, Mexico and Colombia. Please check www.latamready.com or feel free to call us at +1-786-600-2641 to avoid more problems!
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