Are you suing NetSuite in Latin America? Let’s talk about Withholding Taxes’. WHT is an amount of money that an employer withholds from employees’ salaries and which is then paid directly to the government. The amount they kept is a credit against the income taxes that the employee must pay during the year.
Quick question… are you paying the correct amount of withholding taxes to the government? LatamReady with its ultimate weapon natively Built-for-NetSuite has the best solution for Latin America and doesn’t struggle with the issues on legal taxes in Latin America.
Let’s talk ‘Padron’
Argentina deals with ‘Padron’, which is a specific type of withholding tax. What LatamReady did was connect NetSuite with the correct tax agency in order to get those requirements updated and solved every single month, as requirements change frequently.
We have to integrate those changes with the information from the tax authorities. The new information gets automatically uploaded inside of NetSuite and taxes are calculated in the correct way on those transactions, without companies worrying about which specific rates apply to which particular item or product.
To keep ourselves on track, LatamReady creates the most efficient SuitApp within NetSuite, ensuring that big foreign companies that work with us do not have to worry about these updates since LatamReady’s process is automated for efficient use.
Withholding Taxes… tell me more!
Normally in the invoice, we use ‘Percepción’. This is similar to the withholding tax from NetSuite where you have items and services and then an additional line for the withholding tax. Withholding taxes can be a dense concept to get your head around, but rest assured, LatamReady is always implementing different forms of working in order to make things easier for you.
This revolutionary tool that works natively inside of NetSuite creates custom records which is needed to generate the withholding taxes each time you generate a bill payment.
It must be performed just once, at the beginning of the project. Usually each month you should update the different withholding tax types information.
As you may know, the LatamReady SuiteApp is an exceptional Tax Compliance solution inside the LatAm region within Oracle NetSuite. LatamReady works tirelessly every day to provide the best experience with the ultimate solution to all international corporations’ tax compliance problems. E-invoicing, E-payments, Legal Ledgers, and many other issues can be dealt with via LatamReady.
Be aware of the changes that are happening regarding tax compliance not only in Brazil but also Argentina, Mexico, Colombia, and 18+ other countries in the Latin American space please check www.latamready.com or feel free to call one of our sales reps at +1-786-600-2641.
LEARN MORE!|Dive Deep into massive E-invoicing for Latin America
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