Brazil is one of the most highly-developed countries in Latin America, with a stable economy and an increasingly dynamic marketplace. For this reason, Brazil is in the sights of many foreign companies that want to invest in countries with growing markets.
Even though the economy of Brazil and many other countries in Latin America are stable today, their legal and tax requirements remain very complex. Subject to constant change, tax regulations in Latin America are very different from US and EU regulations.
If you lead a large international corporation that is interested in investing in Latin American countries like Brazil, here is what you need to know about dealing with these demanding regulations.
What You Need to Now About Taxes in Brazil
With over sixty forms of tax processes, the taxation system in Brazil is definitely complex!
Historically, Brazilian tax rates were low and evasion and avoidance were widespread. To combat tax avoidance and increase tax revenue, the government undertook significant tax reform efforts. These efforts have seen tax revenue in Brazil gradually increase and the collection rate become quite high by international standards.
Compliance with local accounting legislations, standards, and reporting deadlines is an important requirement when expanding into new territories. With the speed of change in the tax and accounting laws in Brazil, it is often difficult for companies to achieve full tax compliance.
For example, inventory items and the right structure of the files asked by the local government can be a real problem for many companies that currently own or want to open subsidiaries in Brazil and the entire Latin American region. If you want to know more about inventory items in Brazil, click here and read our blog about it!
Here is the Good News
LatamReady is the LEADING authority within NetSuite for full tax compliance, not only in Brazil but in 18+ countries in Latin America.
The LatamReady SuiteApp works natively within NetSuite. We to solve the toughest tax compliance challenges.
So don’t stress! Keep calm and carry on, because we have the best solution to enable your company to achieve full tax compliance in the Latin America region. Doing so which will reduce your workload and help you focus on your vision to grow your company.
Watch our solution in action – https://www.latamready.info/country-demos/
Schedule an appointment now.
Get our detailed pricing list with all the exclusive features here!
LEARN MORE! | Services and Inventory Items for Brazil
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