It is important for business people to always be one step ahead of all the challenges they face while entering the Latin American market. Fortunately, for NetSuite-using companies, there is a simple, native solution that will help them with this process.
This solution is able to adjust to the tax regulations of the tax authorities of each country in the region, but not only that. It will also give you the confidence and security that you are working in accordance with the parameters established by law and thus achieve business transparency. Learn more about it in this blog.
Tax authorities in Latin America: Very thorough
Every year tax authorities around the globe, and particularly in Latin America, are growing in complexity and making their work much more thorough. They are paying much more attention to the legal and tax reporting of international businesses for validating their transparency.
That’s why it’s important for every businessman that is looking for new opportunities of expansion in this region to have an understanding or a high level of control in the face of all the legal obligations they must follow.
Also, in order to accomplish business transparency, it’s important to count with an easy way of displaying the calculation methods and the source of taxable values reported on tax returns.
Some criteria to be considered in order to develop indirect and transactional taxes such as Sales Tax, VAT/GST and Withholding Tax in countries like Brazil, Mexico, Colombia and, in general, for Latin American countries are:
So, yes! There are lots of considerations business owners must face in orden to correctly calculate indirect taxes. And, beyond this complexity, there is also the need of having all these calculations approved by auditors as well.
Wouldn’t it be nice to solve all of these issues within your own ERP? Luckily, for NetSuite-using companies, the LatamReady team has developed the right solution.
The LatamReady App: Business Transparency within NetSuite
In this context, considering implementing a native “Built-for-NetSuite” solution designed for tax processes in complex scenarios for Latin American countries sounds like a great idea. That is the moment when the LatamReady App takes action.
This solution enables NetSuite’s tax reporting capabilities to adjust to the requirements of the Latin American market by perfectly organizing all the data by Tax Code and then deriving each individual transaction from those values.
Also, thanks to its location in the cloud, NetSuite users will never miss out on important stats: they will always have complete access through either an online portal or mobile application.
For more than a decade, Oracle NetSuite and the LatamReady App have helped finance departments of companies around the world to make their tax reports in Latin American countries much more simpler with just one click.
NetSuite, with the help of the LatamReady App, helps their customers to work in this challenging region with complete transparency, reducing the stress in their team generated by all complex processes of making the proper documentation during audits or inspections.
So… if you are a foreign NetSuite-using company who wants to include Latin America in their global expansion plan executed with greater transparency, now you know what you need.
So, now we know that…
- Every year the tax authorities in Latin America make the requirements to operate more complex in order to ensure transparency in the operation of the business.
- This generates a lot of stress in the work teams since the lack of knowledge or non-compliance with the tax rules can lead to heavy fines.
- For accomplishing business transparency, it’s important to count with an easy way of displaying the calculation methods and the source of taxable values reported on tax returns. For NetSuite-using companies the solution is simple: the LatamReady App.
- This solution, located in the cloud, enables NetSuite’s tax reporting capabilities to adjust to the requirements of the Latin American market with just one click.
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.