Colombia Tax Topics

The Colombia Localization SuiteApp provides custom fields, records, validations, and other customizations for Colombian businesses to comply with tax in Colombia.

NetSuite provides the following Colombia tax audit files:

Magnetic Media Information

Format	Format Name
1001	Account and withholding payments and deposits
1003	Withholding at source practiced
1005	Deductible VAT tax
1006	Generated VAT tax
1007	Received income
1008	Accounts receivable balance
1009	Accounts payable balance

NetSuite provides value-added tax (VAT) and withholding tax tracking and reporting for businesses in Colombia.

The SuiteTax Latam Engine SuiteApp enables you to meet the local tax determination requirements. The companies that do business in different parts of the world must comply with different tax requirements from the government authorities. The SuiteTax Latam Engine helps companies fulfill specific requisites and calculate taxes in their NetSuite transactions. The SuiteTax Latam Engine SuiteApp provides the deployment of a tax engine complement and a structure of custom records for setting up the tax definition in different contexts. The SuiteApp also provides a type of custom plug-in, the SuiteTax Latam Engine Plug-in. You can use the custom complement type to create complement deployments to calculate a tax or a group of taxes. With SuiteTax Latam Engine, you can set up tax calculations such as the income tax, the value-added tax (VAT), tax withholding, and others. The SuiteApp does not provide a predefined plug-in or record to calculate the taxes of any country or region. You should create your own complements and records or download another SuiteApp that can provide the records. For example, NetSuite offers the SuiteTax Latam Engine - Colombia Records SuiteApp, which provides a group of plug-ins and records required to calculate taxes for companies doing business in Colombia. For more information, see SuiteTax Latam Engine - Colombia Records.

General Notices