One key to understand tax calculations in Latin America.
What is SuiteTax and Legacy Tax?
Legacy Tax is the current NetSuite technology used to calculate taxes.
NetSuite has developed a new tax engine called SuiteTax; a new way to calculate taxes and withholding taxes.
And yes, the LatamReady App is 100% compatible with both technologies.
And not only that!
Through this tool, the LatamReady App is capable of supporting various combinations of withholding taxes (by product, by amount, by type of supplier).
This NetSuite technologies help companies simplify their tax processes by integrating tax calculations within their own Oracle NetSuite Cloud ERP, through the LatamReady App.
How can SuiteTax help my NetSuite-using company expand in Latin America?
Obviously there are some countries where the tax system is more intensive than others. In some cases, there are too many everchanging regulations, making local companies transactions very hard to control (and, even worse for foreign companies seeking to enter this country).
That’s why the SuiteTax was made: to help these companies work safely within NetSuite.