Many American companies believe that tax compliance is handled the same way as in the US. However, Latin American countries have specific requirements when it comes to tax compliance and e-invoicing.
The way E-invoices work in the states…
Our customers based over there issue invoices through a PDF. That PDF file is the invoice and that’s the document they send to their customers.
The way E-invoices work in Latin America…
Here in Latin America, things are going in a different direction. Companies with subsidiaries in Latin America are required to produce an XML file (Extensible Markup Language). This kind of files uses custom tags to define objects and data within each object.
How both documents differ from each other?
The main document that the company needs to issue is the XML document. That is the official document because it has an official legal number that the tax authority returns to the customer. PDF is the printed version and the human way of being able to understand an XML document. Also, when we talk about electronic invoicing we are not just talking about invoices but also waybills, debit memos, credit memos, withholding, certifications, etc.
How is LatamReady SuiteApp the ultimate solution for NetSuite users with subsidiaries in Latin America?
When you issue E-Invoicing with LatamReady SuiteApp, you will receive every invoice under two formats: PDF & XML. While the XML file only contains unreadable codes, the PDF file will be its graphical representation, with the information required by the Tax Agency of each subsidiary of your company in the Latin America space.
Watch some of our demos on e-invoicing on LatamReady.Info now!
LatamReady SuiteApp is the best option to modify NetSuite and agile your process for it to be compliant with regulatory requirements in Latin America.
For more information visit: www.latamready.com