When it comes to conducting business in Latin America, handling taxation can be a complex and multifaceted challenge. The Oracle NetSuite’s SuiteTax standard localization simplifies tax compliance for businesses operating in countries like Mexico, Colombia, and Brazil. In addition, the LatamReady SuiteApp complements NetSuite’s SuiteTax standard localization features, making tax compliance a smoother process for businesses in Mexico, Colombia, and Brazil.
Understanding SuiteTax
SuiteTax is a powerful tax engine NetSuite offers to facilitate tax compliance in various countries. It supports tax and withholding tax calculation and offers efficient localization features tailored to each country’s tax regulations.
We implement NetSuite SuiteTax Localization.
LatamReady implements NetSuite’s SuiteTax standard Localization in Colombia, Mexico, and Brazil. Since 2009, we have helped 500+ companies to achieve their full potential with Oracle NetSuite ERP.
We complement it
The LatamReady SuiteApp complements the SuiteTax standard localization for taxes and withholding taxes, e-invoicing, e-payments, and legal reports. In the following paragraphs, we develop how the LatamReady SuiteApp extends the power of Oracle NetSuite.
Configuration and Feature Bundles
Embarking on utilizing SuiteTax necessitates a configuration process. NetSuite furnishes fundamental bundles like the SuiteTax Engine, allowing entities to set up withholding taxes, calculate Value Added Tax (VAT), and leverage the SuiteTax feature. Configuring these features in Mexico is simpler due to less complicated tax requirements than in Brazil.
Managing Electronic Documents
Electronic invoicing is indispensable for tax compliance in Latin America, with varied requirements across countries. For example, in Mexico, the “Bill of Lading” is a mandatory document, crucial for the transit of goods.
Vendor Setup & Custom Records with LatamReady SuiteApp
LatamReady SuiteApp facilitates additional fields during vendor creation in NetSuite, essential for electronic invoices and documentation. These custom records, such as assigning e-document packages, are vital in Mexico, Brazil, and Colombia.
Detailed Tax Information at the Transaction Level
LatamReady SuiteApp offers additional fields for detailed tax information at the transaction level, enabling businesses to calculate VAT or specific withholding taxes. This data is stored in SuiteTax records for generating electronic invoices or legal reports.
E-Invoicing Audit Trail
Businesses can refer to an audit trail in the e-document tab for tracing errors or messages from tax authorities. The LatamReady SuiteApp allows the generation of key documents necessary for tax authority approval.
Accounts Payable & Electronic Invoices
The procedure for accounts payable is congruent. SuiteTax facilitates managing purchase tax details, including withholding taxes, and electronic invoices can be created with specific XML files, simplifying the payment process.
Financial Reporting
NetSuite’s SuiteTax renders exhaustive financial reporting, tailored to meet the tax requirements of each country’s authorities, including specific financial statements and tax reports.
Brazilian Specifics
SuiteTax proffers additional features like distinct tax IDs and region-specific tax registration for Brazilian entities. E-document configuration is also explicitly tailored to Brazil.
Conclusion
Oracle NetSuite’s SuiteTax standard localization and the LatamReady SuiteApp offer a robust solution for addressing tax compliance in Latin American regions like Mexico, Colombia, and Brazil. The SuiteApp enhances the SuiteTax capabilities and simplifies intricate tax regulations, manages electronic documents, and optimizes accounts payable and financial reporting. With LatamReady SuiteApp, navigating the complexities of Latin American tax deduction requirements becomes a streamlined experience.
Why LatamReady?
We are Latin America’s #1 Oracle NetSuite partner for implementation and localizations. Through the best ERP worldwide, will help you adapt to changes and grow your business. Our technical support is one of the best of the region: 95% of our reviews in NetSuite are 5-star reviews.
Why should you choose us? Find out here. You can contact us clicking here.
Schedule your call here