When a company opens a subsidiary in Latin America, especially in Mexico, the first challenge they face is the tax requirements and regulations, which are totally different, not only comparing with the US or Europe but also between every country in the Latin American region.
In the case of Mexico, some of the challenges you as a businessman with a foreign company will encounter would be withholding tax calculations, the legal ledgers files or possibly even issues with the E-invoicing on massive scales.
So keep reading we have, for sure, the answer you’re looking for!
Let us explain…
You might be wondering how your company will fulfill all these requirements that you didn’t even know existed?!
WHT or Withholding taxes are important to consider when you are expanding your NetSuite use into Latin America.
As all transactions that involve them are present in legal reports, required by the local government, that cannot be filled without specific tax information such as ‘DIOT’ or better known as legal ledgers.
A legal ledger is a book of accounts in which the government enters the names of all the companies with whom they have operations; there being two parallel columns in each account, one for the entries to the debit account of the person charged, the other, for credits. In Mexico, it is mandatory to declare financial information into this book in the correct way.
In Mexico and in most Latin American countries Electronic Invoicing is a mandatory document. For E-invoicing, first, we need to set specific values or requirements on the customer record. The document must be fulfilled the needs to be uploaded to its portal and approved before its use. LatamReady creates a specific XML file not only for Mexico but also for each country in the region.
Mexico has a lot of good things but also many tricky issues you may not be aware of them and because of that LatamReady has been developing a perfect tool to unlock the full power of NetSuite and defeat every tax compliance issues.
If you are an international company that already owns subsidiaries in Mexico or in the rest of Latin America and you’re considering expanding your businesses in the region, LatamReady has developed the ultimate tax compliance solution just for you! With our BFN SuiteApp, you’ll able to manage all your taxation necessities within NetSuite in one single point of access, just in a matter of clicks!
LatamReady is an EXPERT. You don’t need the help of multiple solution providers with many different solutions for only one subject, all you need is one company with one solution to do the job.
LatamReady can help you in Brazil, Mexico, Argentina, Colombia, Chile, Peru and 18+ countries in Latin America. Watch your company grow using NetSuite with the help of LatamReady SuiteApp.
If your company’s ultimate goal is financial consolidation, then contact us or check our website for more information at https://www.latamready.com
Watch our solution in action – https://www.latamready.info/country-demos/
Schedule an appointment now – https://latamreadymeetingscheduler.as.me/schedule.php
Get our detailed pricing list with all the exclusive features here! – https://tinyurl.com/y64lscb3
Want to implement the ULTIMATE Tax Compliance solution?