Latin America is a complex region taxwise, each country has its own regulations and that makes multi-latin companies’ situation difficult to deal with. LatamReady worked on this scenario and, as a NetSuite partner, is ready to help out those companies that are struggling in the region. The LatamReady SuiteApp was made to help these big projects in countries like Mexico, Colombia, Brazil and many more but there are some necessities that should be covered with a special feature developed by our partner, the SuiteTax. Let’s know a little bit more about this feature and how it works.
LET ME TALK ABOUT THE SUITETAX
The SuiteTax is an exclusive feature of NetSuite that solves some of the most important issues regarding taxes in this platform. Indeed, it was made to support transactions in tax-intensive countries, with automatic tax rate updates, effective date tracking, end-to-end tax reporting and advanced tax determination. This feature has been built from the main problems affecting NetSuite users.
LET’S BE MORE SPECIFIC: NEXUS
Nexus is the term NetSuite uses in order to recognize a geographic area with its own tax regulation. The logic of SuiteTax is determined where the company is registered for tax purposes using the tax engine where that Nexus has been assigned to. Most countries have a national-level Nexus but Brazil is an exception. Indeed, Brazil has Sao Paulo Nexus and Rio de Janeiro Nexus.
THE PROFILE THAT FITS FOR SUITE TAX
There are some countries where the tax system is very intensive, many regulations that change all the time, making companies’ transactions very hard to control. That is why the SuiteTax was made, to help companies that are working in those countries. LatamReady has analyzed the situation of many customers over time and has found the perfect profile for using SuiteTax. If you are a Brazilian company that works in Brazil and it’s not planning to expand to other countries , the SuiteTax is perfect for you!
Brazil can be a difficult country to deal with talking about taxes, but LatamReady and NetSuite are working all the time to improve their features and make Brazilian companies’ job easier and faster. This is the case of the SuiteTax which was made to solve most of the problems regarding taxes in Brazil, and it’s being updated all the time to become a complete tool for it’s users. You don’t have to think anymore about the way of having control in this type of countries, the perfect couple is waiting for you!
To know about how we work in Brazil go to www.LatamZone.info
Read this! https://latamready.blog/2019/08/09/the-difference-between-latamready-and-other-solution-providers/