Did you know that Brazil is one of the countries with the most challenging tax regulations even with NetSuite? In general, in Latin America, achieving full tax compliance can be quite a challenge as each country has its own regulations, and not following them to the letter can lead a company into serious legal trouble.
Luckily, at LatamReady we have a solution that will help NetSuite-using companies to understand and respond to all these requirements properly, in order to operate with legality and transparency. It will be like working hand in hand with a lawyer/accountant specialized in tax compliance in Latin America!
Is doing business in Latin America complicated?
Many international companies have found in the Latin American market a great opportunity for expansion and growth.
However, many of them operate under a lot of pressure and are tempted to resort to unconventional practices to reduce costs. This can have negative consequences not only for the government, but also for the company, which could find itself in serious legal trouble.
In view of this, Latin American governments have become much more creative in the fight against tax evasion to ensure that their revenues are affected as little as possible by these practices.
Brazil: A true challenge
One of the countries with the most complicated and demanding tax mechanisms is Brazil.
In 2006, the Brazilian government created the “Public Digital Accounting System”: an innovative system to digitize and automate tax collection.
Under this system, every invoice made and submitted for review is required by law to be formatted in XML. This allows the tax authorities to:
Assess the legal status of the two parties involved in a transaction.
Check whether invoices were issued accurately and whether taxes were applied and calculated correctly.
After all this information has been reviewed and approved, the invoice is authorized and receives an official number. With this data, the government can know how much tax revenue there is for each transaction and collect taxes.
This process may sound simple, but it is more complex than it sounds… otherwise these types of standards would not have been created. That is why it is important to have specialized partners with up-to-date local knowledge to ensure that your subsidiaries comply with the regulations in each country.
How to make it simple: Oracle NetSuite + the LatamReady SuiteApp
In Latin America, e-invoicing is a complex process that varies from country to country and is constantly changing, making the region a challenge for foreign companies, but for regional governments it is a means to control revenues, make better investments and generate greater opportunities for their people.
Today, the key to success for a company seeking to enter the Latin American market lies in its ability to offer customized solutions in multiple sectors, while maintaining a complete view of what is happening in your company.
For companies working with NetSuite ERP, your best option is the LatamReady SuiteApp. This is an innovative Built-for-NetSuite solution that extends the power of Oracle NetSuite Cloud ERP to enable international companies to seamlessly achieve full tax compliance in more than 18 countries in the region.
This SuiteApp provides constant updates on legal requirements in Brazil and many other Latin American countries. In addition to that, it offers many other extremely useful and efficient features such as easy management of electronic invoices, tax assessment and tax information reporting, tax rules and tax calculation, electronic payments and much more.
So, now we know that…
- Operating in Latin America can be complicated because of the different tax regulations in each country.
- One of the most challenging countries to operate in is Brazil. It created a system called “Sistema Público de Contabilidad Digital” whose objective is to digitize the e-invoices to evaluate the legal status of the participants and check if these documents were issued properly,
- The LatamReady SuiteApp is a Built-for-NetSuite service that is able to offer specialized fiscal and accounting solutions according to the requirements of each country without leaving aside the possibility of having a complete view of everything that happens in your company from a single platform: Oracle NetSuite.
- This SuiteApp extends the power of NetSuite facilitating full tax compliance for more than 18 countries in Latin America thanks to its 5 features and its other functionalities.
How does the LatamReady SuiteApp 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 SuiteApp.
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 with the LatamReady SuiteApp 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 the LatamReady SuiteApp.