As a NetSuite partner in Latin America, we made the LatamReady App: a solution that extends the power of NetSuite to help companies to deal with the complex tax regulations in each country of the region.
And to make it more efficient, from now on LatamReady will be fully compatible with the NetSuite technology to calculate taxes: Legacy Tax and, its new version, SuiteTax.
What is SuiteTax and Legacy Tax?
Legacy Tax is the current NetSuite technology used to calculate taxes. NetSuite has developed a new tax engine called SuiteTax; a new way to calculate taxes and withholding taxes. And yes, LatamReady is 100% compatible with both technologies.
And not only that! Through this tool, LatamReady is capable of supporting various combinations of withholding taxes (by product, by amount, by type of supplier).
This NetSuite technologies help companies simplify their tax processes by integrating tax calculations within the same system they already use for sales, invoicing, payment processing and other business transactions.
How can SuiteTax help my NetSuite-using company expand in Latin America?
Obviously there are some countries where the tax system is more intensive than others. In some cases, there are too many everchanging regulations, making local companies transactions very hard to control (and, even worse for foreign companies seeking to enter this country).
That’s why the SuiteTax was made: to help these companies work safely within NetSuite.
As we said in previous paragraphs SuiteTax is an exclusive NetSuite technology that solves some of the most common and important issues regarding taxes in this platform for NetSuite users.
Indeed, it was made to support transactions in tax-intensive countries, with:
Example: Brazil, a tricky country
Brazil can be a difficult country to deal with when talking about taxes and withholding taxes… But LatamReady and NetSuite are working all the time to improve their services to make the job of companies working in or looking to expand into this country much easier and faster.
In this scenario, SuiteTax plays an important role. This technology solves most of the problems regarding taxes in Brazil, and it’s being updated all the time to become a complete tool for its users.
And, in addition to that, in this challenging country, LatamReady is connected to Tax determination leaders, such as Systax for tax determination of inventory items. And to a great amount of tax agencies, for the automatic record of Tax Rates. Isn’t that great?
In this way, LatamReady aims to help NetSuite-using companies around the world to make their entry into the Latin American market much easier and with less worries in more than 18 countries in Latin American region with the latest NetSuite technologies, such as SuiteTax.
Conclusions
So, now we know that…
- SuiteTax is the new version of Legacy Tax: NetSuite technologies used to calculate taxes and withholding taxes, that are capable of supporting various combinations of withholding taxes. This helps companies to simplify their tax processes by integrating tax calculations within Oracle NetSuite.
- SuiteTax and Legacy Tax gives companies the security and peace of mind that they are working in accordance with all the tax laws and regulations in the country they are located.
- From now on, the LatamReady App will be fully compatible with both technologies helping companies to get full tax compliance for more than 18 countries in Latin America by expanding the power of Oracle NetSuite.
How does LatamReady power up Oracle NetSuite?
Do you already trust the power that Oracle NetSuite Cloud ERP brings to your company? Then you would love to extend its power by unlocking any Latin American country with the LatamReady App.
Why LatamReady?
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.