To those who don’t know much about expanding your business to Latin America, especially in Brazil, well, you’ll be in for an interesting surprise if you haven’t done your research or prepared yourself.
What is my company in for?
Brazil is very complex when it comes to tax compliance. It’s the unique laws that are required there (per state) that makes the country very tedious and tiresome for all corporations to follow in order to grow themselves. A lot of companies will lose time and efficiency in their business goals if they put them aside to maintain compliance with all the local legal tax and accounting rules.
Did you know that the Brazilian government requires companies to issue different electronic documents (following many DIFFERENT and OFFICIAL formats ) annually, and the requirements are different for every state there?
Operations in Brazil? | Be aware fo these TWO points
- Brazil does NOT have an overall standard tax complaince requirement.
- Each state in Brazil establishes their own strict tax requirements.
Are you an international corporation using NetSuite owning subsidiaries in different Brazilian states? LatamReady is here to safeguard the interests of your company in the Brazilian space. Keep reading!
Tax advice in Brazil
Tax advice is a big one when we speak for international organizations. If a foreign company ventures out to Brazil they obviously have a lot of questions. We’re not going to lie, if you plan to control the issue on taxes yourself, there will be miscommunication.
Companies would usually hire accountants and this is what you may experience…
They hire an accountant that says A, and then they hire another accountant that says B… consudion is unavoidable! This doesn’t only happen in Brazil, it’s a very common situation in Latin America, especially when things are complicated. So tax advice and where to get it, specifically for Brazil, is extremely important. You need the experts who dedicate themselves to this.
Do you think that taxes in the US and in Brazil are the same?
If you think so then you’re completely wrong. You have to think different taxes in different states, different taxes within Brazil itself, service taxes, all sorts of different kinds of taxes. The way it’s structured is very different, the way taxes are calculated depends on a lot more factors than in the US, and those factors are very dynamic and can change. So having that set-up inside of your NetSuite environment in the right way is critical.
What else can occur?
Apart from miscommunication of tax and legal advice, an international corporation can face language barriers as Portuguese, Spanish and English. Multi-lingual tax experts are what you need!
What have we done in Brazil?
Here is a small example. For LatamReady’s customers in Brazil, we had to connect a clients withholding tax rates within NetSuite. We understand that withholding tax rates in that specific industry for those clients are always changing, so we decided to look for a connection with a local withholding tax rate supplier and connect NetSuite in order to get that information online. We have a presence in all Latin American countries, we have strong relationships with local legal bodies to get our solution compliant and updated constantly.
Don’t struggle in Brazil any longer!
LatamReady SuiteApp is the #1 Tax Compliance solution within NetSuite for all big corporations with businesses in Latin America. We have the key to your growth in Brazil, Mexico, Argentina, Colombia and 18 more countries in the region.
You need the experts who can handle your situation now.
Get the solution at www.latamready.com or call us to expand your company successfully at +1 786 600 2641
Want to implement the ULTIMATE Tax Compliance solution?