NetSuite is a great business management software for big companies around the world, but what happens when they expand to Latin America? Their standards works but not in an efficient way, that’s when our LatamReady SuiteApp takes control over the situation. We have built specific features to satisfy the needs in the Latin American region; being present in Brazil, Colombia, Mexico and Argentina that has a complex tax system. Let’s analyze how our LatamReady SuiteApp works perfectly with Argentina taxes and withholding taxes.
IS ARGENTINA A TAX CHALLENGE?
Argentina has many tax concepts included in its regulation, for example “retención de ganancias” which is an income tax, “retención de impuestos brutos” which is a local withholding tax or a “retención de IVA” which is a tax related to VAT (value-added tax). All those different taxes have their own configurations and they must be treated carefully in order to avoid big amounts of money paying fines. Argentina definitely has a tax system that requires knowledge and experience LatamReady has in order to manage them in the right way.
LET’S EXPLAIN WHAT A WITHHOLDING TAX IS
Let’s say I receive a bill from a supplier with a certain amount of money, instead of paying 100% of the bill, I’ll pay him 70%. The reason why I just pay this percentage to the supplier is because I’ll pay the remaining 30% to the local national bank. In this way the local tax authority makes sure to collect taxes in the right way. Once I’ve paid those taxes, I’ll get a withholding tax certificate which confirms my transaction and is delivered to the supplier.
ARGENTINA IS NOT A DIFFICULT TAX SYSTEM ANYMORE WITH LATAM TAX
Multi-latin companies that are using NetSuite find a standard code that is very limited when working with taxes in Argentina. Our local knowledge studied this situation and developed the right tool to manage this withholding taxes efficiently and without errors. This feature is called LATAM TAX, which allows the user to set specific configurations needed in a specific transaction. All the difficulties found in this region are solved making big corporations save time and money.
Argentina is the perfect example of the complexity of the region but this is not a problem anymore. LatamReady has considered all the local regulations needed and has built the perfect tool to make multi-latin companies transactions more efficient, which is the LatamReady SuiteApp. It’s the moment to digest taxes in a simple way!
Want to know more about our exclusively solution? Go too www.latamready.info
Check the full webinar here: https://tinyurl.com/yxmbxtdu
Check this! https://latamready.blog/2019/08/01/latin-american-tax-compliance-and-multi-booking-what-to-expect/