Have you ever heard of the Contributory class? This tool developed by LatamReady and compatible with NetSuite can be very useful for all those companies dealing with difficulties in the development of their withholding taxes in the most complex countries in Latin America, like Argentina.
Find out more in this blog.
Argentina is part of the top four countries in which LatamReady has the most NetSuite-clients but also is where we have the most challenging tax rules and requirements. E-invoicing in Argentina is really complex due the existence of hundreds of combinations, not to mention the withholding taxes.
For easing the process of tax compliance for NetSuite-using companies in this country, LatamReady has developed a solution: the LatamReady App. With it, it’s possible to modify NetSuite for it to be compliant with regulatory requirements in Argentina.
Contributory class? What is that about?
Contributory class is a revolutionary tool that is a custom record made by LatamReady. This tool helps (and eases) the generation of withholding taxes for each time a NetSuite-using company generates a bill payment.
But what are withholding taxes? Here we tell you about it:
Wanna know more? Click here.
With this tool NetSuite-using companies will be able to set in which transaction they are working with. This transaction must be performed just once, at the beginning of the project, or if they want to update some information. The only job of the company will be to update the different withholding taxes types’ information each month.
How does the Contributory class work in Argentina?
For Argentina, and any Latin American countries, LatamReady has developed an engine ready to support the multiple cases called LatamTax.
LatamTax is able to set all the possible combinations that the vendor needs, this is very useful considering that in Argentina you can have more than one type of retención: retención de ganancias, like the income tax; retención de impuestos brutos, the local withholding tax; retención de IVA, related to the BAT, etc.
But what does this have to do with the Contributory Class?
After a NetSuite-using company generates withholding taxes like “percepción o retención de impuestos”, it’s necessary to set the ‘type’, ‘subtype’, ‘rate’ and all the details required. Why? Because the LatamReady App, through LatamTax, needs all this information to work with for calculation within NetSuite.
Withholding taxes can be a dense concept to work with but LatamReady is always implementing different tools in order to make things easier for you.
So, now we know that…
- Argentina is one of the countries with the most challenging tax rules and requirements: e-invoicing in this country is really complex, and not to mention the withholding taxes.
- With the LatamReady App it’s possible for NetSuite-using companies to be compliant with regulatory requirements in Argentina.
- Contributory class is a revolutionary tool developed by LatamReady that can help with this process thanks to its capability to ease the generation of withholding taxes for companies operating with Oracle NetSuite.
- With this tool NetSuite users can avoid making repetitive tasks such as setting the transaction they are working with. They will only have to do it once or if they want to update some information.
- This tool works by hand with LatamTax, another LatamReady tool, that helps NetSuite using companies to set all the possible combinations that the vendor needs.
How does LatamReady power up Oracle NetSuite?
We are the #1 Oracle NetSuite partner in Latin America that, through the best ERP worldwide, will help you adapt to changes and grow your business.
Why should you choose us? Find out here.
Become a NetSuite expert in the LatamReady solution in our LatamDojo!
We want YOU to become the expert! That’s why we have a surprise: an e-learning platform (for our customers only) known as LatamDojo.
But… What is LatamDojo? What does it offer? Why should I use it? Here are the answers!
Chart a bold new path by adopting modern solutions for tax compliance challenges in Latin America with LatamReady.