The next step after-tax calculation and paying your taxes is reporting them every single month. Remember that in each country in Latin America taxes are meant to be paid monthly. Even in some cases like Argentina, you have to send some reports every two weeks.
Tax reporting is all about control, it’s all about the tax authority receiving the right information in a specific format, which is digital today. Receiving that every month so they are in control and they see who are paying their taxes, what amount of taxes is being declared.
It’s a challenge to generate those specific reports from an accounting system like NetSuite, those reports are very dynamic just like the tax rates, structures can differ, new requirements, new kinds of information is required on those documents, so it’s not easy to have a solution for that. Having partners like us is a plus because we are updating you with those reports so you don’t have to worry. That brings us to the next topic, e-invoicing.
GO BACK TO| 5 Compliance Challenges in Latin America
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