Earlier this month, Brazil’s federal revenue secretary announced that the government will send a tax reform proposal to Congress before the end of 2019. Is your international business prepared for potential changes to Brazil’s notoriously complicated tax regulations? Trying to navigate changing tax rules alone can be a time-consuming, complex challenge, even for companies already running an enterprise resource planning (ERP) system like NetSuite. How do we know? Let us tell you about our early experience tackling tax issues in Brazil.
Our First Experience Using NetSuite in Brazil
Back in the early days of LatamReady, we managed to use the standard features of NetSuite during implementation in Brazil, but the country’s complex tax rules forced us to manually add transactions line by line.
While this may be a feasible style of operation for small companies offering only standard services, the burden for large international corporations with subsidiaries in Brazil is often overwhelming.
Does This Problem Only Happen in Brazil?
Unfortunately, complex tax regulations are not only encountered in Brazil, but across the entire Latin American region.
It’s not just calculating local taxes, but also collecting relevant VAT and withholding tax information, understanding the different rates and also following specific and unique documentation guidelines for issuing legal reports in each country.
While there are always manual workarounds, the more time and staff your company dedicates to managing tax issues, the fewer resources are available for the strategic decisions that will grow your business.
Do You Have a Subsidiary in Brazil?
Based on our own experience implementing NetSuite in Brazil, our team of experts developed the LatamReady SuiteApp, the ultimate tax compliance solution for 18+ Latin American countries.
The LatamReady SuiteApp unlocks the full potential of NetSuite to help large international corporations operating subsidiaries in Brazil and elsewhere in the region achieve full tax compliance.
From e-invoicing to e-payments, legal ledgers and more, our Built-for-NetSuite SuiteApp is the innovative tool that every multi-Latin corporation needs to successfully open, invest or expand.
Want to learn more? Visit www.latamready.com or call one of our sales reps at +1-786-600-2641 today!
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