The first idea is that taxes are very similar in the US and in Latin America. In the States, you will find VAT taxes that are common here in Latin America as well. The truth is, they’re completely different things, it’s the same concept but it’s not the same way of working.
We need to think of them as different kinds of taxes that depends on the country and its own structures. In these countries, the way taxes are calculated depends on a lot more factors than in the US, and those factors are very dynamic and can change.
Having a set-up inside of your NetSuite environment in the right way is critical. If that’s not the case you are forced to make transactions outside of the system which makes the whole idea of having a NetSuite environment global fade away. If you’re not able to transact in the system there is no real-time data to look at and the process will slow your progress down.
GO BACK TO| 5 Compliance Challenges in Latin America
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