NetSuite & Taxes in Latin America:
Transparency for Business Growth
This blog will talk about the importance of an efficient ERP such as Oracle NetSuite and how it could be powered up by specific Native Solutions for business growth.
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The world is becoming more interconnected,
and tax authorities around the globe, particularly in Latin America, are growing in their sophistication.
They’re taking a long hard look at businesses that appear to be reporting less than expected for fear they may have been avoiding paying taxes themselves by not reportable amounts or through other means altogether.
Let’s look at some recent high profile cases, like the biggest online delivery app in the globe and the most popular coffee shop in the world, both being required to charge sales taxes in many countries around the world including LatAm.
And what does this have to do with NetSuite and LatamReady?
With these cases it is fair to say that it is important for you as an entrepreneur or business owner not only to know your legal obligations but also to take steps now in order to be prepared to quickly attend the questions that arise due diligence in the future. A good action –now– would be to consider implementing technology designed for tax processes in complex scenarios, like a native SuiteApp for Oracle NetSuite such as LatamReady to solve tax compliance in Latin America.
With the recent focus on transparency by authorities, it is more important than ever for businesses to stay up-to-date with local laws and regulations. In some countries, where some supplies are taxed at a rate higher than what’s seen in LatAm for example, there has been an increased demand from companies looking into how they can obtain lower rates through tax compliance efforts which will likely benefit finance teams around the world as well.
In order to be transparent about taxation, a business needs an easy way of displaying their calculation methods and the source of taxable values reported on tax returns. This can often be difficult with traditional ERP systems because they’re not designed for this type of information-sharing purpose –
which makes it hard in practice as well. But what about a top global Cloud ERP such as Oracle NetSuite? We will get to
that in a minute.
Indirect and transactional taxes such as Sales Tax, VAT/GST and Withholding Tax in countries like Brazil, Mexico, Colombia and LatAm, are typically based on six criteria:
The indirect taxes,
that business owners face can be difficult and challenging to calculate. Beyond the complexity, there is also a need for businesses who want their calculations approved by auditors as well – but this usually isn’t an issue with traditional point-based solutions anymore because they’re not quite accurate enough nowadays either. This is when we start talking about Oracle NetSuite.
NetSuite’s tax reporting capabilities are built right into its integrated business system. From the top level report for each country of operation, finance teams can drill down and see how those reports were constructed at different levels – all without having to redefine any terms or look up information elsewhere! This means that NetSuite users never miss out on important stats because their preferred tool was not available when ss
NetSuite has been around for more than a decade and its customers can see details of their transactions with just one click. The ability to drill down from summary levels all the way into granularities such as Customer or Item level is something that makes this software unique in today’s market – no other platform offers these types of capabilities.
NetSuite has made it easy for finance departments all around the world to submit accurate tax reports. They do this by providing transparency, which reduces stress and complexity of generating proper documentation during audits or inspections with just one click.
is designed specifically for the challenges faced by multinational companies who want to include LatAm in their global expansion plan executed with greater transparency.
LatamReady for Tax Compliance in Latin America
Imagine having full Tax Compliance in the whole Latin American region with only one solution. Too good to be true?
The LatamReady SuiteApp is an innovative Built-for-NetSuite solution that extends the power of Oracle NetSuite for your corporation to achieve full tax compliance in 18+ countries in the Latin American region, including Brazil, Mexico, Colombia, Chile, Peru, Argentina and more!