Do you know the territorial division of Brazil, like the USA, is composed of states? Each state has specific laws that differentiate one from the other. Brazil is well known as the most complicated country in the world to be localized for big corporations within Latin America. To address this problem you need the right solution if you implement NetSuite in your corporation.
What makes tax compliance so complicated in Brazil?
Brazil, like any other Latin American countries, has specific requirements when it comes to tax compliance. Normally, sales taxes include VAT and withholding taxes, that need to be applied when you issue a sales invoice or when you issue payment according to the place of the country, the state or the city.
How LatamReady calculates the taxes in Brazil?
Latamready has specific configurations for each Brazilian state within NetSuite. In Brazil, you need to calculate the taxes according to the services of a product that you sell or you purchase. The first difference is whether an inventory product or service is sold or not.
For example, in the case of a service, the tax calculation is simple but in the case of inventory products the state where it is manufactured must be taken into account. According to that, taxes are established, taking into account the specific laws of the state or city for these calculations.
It’s not that difficult, all you need is the right team like LatamReady, who has ALL the knowledge and experience here.
Do not look any further!
If you are a NetSuite user and have subsidiaries in Brazil or within Latin America, you need to have the best solution that protects and ensures the expansion of your business. Call one of our sales rep at +1-786-600-2641 to get more information on how we can help you with the Tax Compliance in Brazil and the LatAm space. Don’t forget to check on www.latamready.com to know more about us.