Tax rules and regulations vary widely across different countries, and having to comply with them can cause a lot of headaches for multinational corporations. Even within the United States, taxes can differ dramatically across state, county, city, and even district lines.
How on earth do you keep up with all of this?
NetSuite has the perfect solution for you: SuiteTax.
What is SuiteTax?
NetSuite recently developed SuiteTax, an indirect tax solution that determines and calculates taxes across multiple tax jurisdictions. Built within the NetSuite platform, SuiteTax seamlessly integrates tax calculation and reporting within your applications. So, if you’re using NetSuite’s sales, billing, revenue recognition, and payment processing features, you no longer have to worry about whether you’re calculating taxes correctly around the US and world.
There are three main bundles you can take advantage of, all of which use the SuiteTax API. They are: SuiteTax for USA and VAT Countries (which includes over 140+ countries), SuiteTax for India, and SuiteTax for Brazil. We’ll focus primarily on the USA and VAT countries.
What Are the Benefits of SuiteTax?
There are myriad benefits that come with using SuiteTax, both in general and region-specific.
Overall, SuiteTax helps your company:
- Handle sales tax, VAT, GST, and withholding tax calculations
- Maintain monthly tax rates for over 110 countries
- Automate monthly tax rate updates for 110 countries while also compiling history
- Auto-provision tax codes with rates
- Maintain rate change history by effective dates
- Manage multiple tax jurisdictions for each subsidiary
- Enhance tax determination logic based on location, origin and destination
United States Benefits
Within the United States, SuiteTax will:
- Provision tax types, tax codes, tax groups, and tax agencies for over 11,000 tax jurisdictions
- This includes state tax, county tax, city tax, district tax, and tax not liable
- Determine sales tax based on full 9 digit ZIP code (ZIP + 4 sales tax determination)
- Calculate origin and destination based tax (both intrastate and interstate)
- Provide exemption certificate support
- Customize taxability rules defined at the state level, including tax holidays
- Determine tax jurisdiction by address for purchases
VAT Country Benefits
Within VAT Countries, SuiteTax:
- Auto-provisions tax codes, VAT rates, Tax Agencies
- Handles in-country transactions (VAT, GST and sales tax) and cross-border transactions (intra-EU, 3PL, reverse charges and others)
- Conducts EU VAT lookup based on tax registration number (legal name verification)
- Validates Non-EU VAT ID format
- Provides customizable country-specific compliance text on invoices
- Tracks deductible and non-deductible VAT
- Generates localized VAT reports at summary and transaction detail levels
- Features editable templates to change reporting boxes on tax returns easily
Do you want this functionality in your NetSuite ERP? There are a couple things you’ll need to do before getting started with the setup of SuiteTax, such as:
- Brushing up on your tax knowledge, so you can identify exactly what you need SuiteTax to accomplish for you
- Filling out a questionnaire provided by NetSuite to ensure proper use of the SuiteTax application
We will walk you through this process and make your SuiteTax implementation a success!
If you’re ready to implement SuiteTax, we invite you to learn more by contacting us at firstname.lastname@example.org and letting us know what your needs and concerns are.