NetSuite Tax Management

NetSuite Tax Management Features

NetSuite’s Native Tax Management System provides the flexibility to support specific country needs and stays up to date on legislation changes regarding tax calculations and reporting. Finance teams can easily manage in-country transactions — sales tax, VAT or GST — and navigate special tax situations and rules on, for example, 3PL, reverse charges and more. Use the right tax calculation engines for nexuses comprising Australian sales and use taxes, and override tax details on transactions. And, real-time visibility into your indirect tax position improves cash flow.

• Automated VAT/GST Calculation
• Audit Capabilities
• Flexible Reporting

Automated VAT/GST Calculation

Say goodbye to manual calculations: NetSuite’s built-in tax logic automatically determines taxability and runs calculations on every transaction, on every item in your account, for every tax jurisdiction. NetSuite validates all your customer and vendor VAT registration numbers, thus calculating the correct taxes for all cross-border goods and services.

Audit Capabilities

Details matter to auditors. Tax calculations by line item, showing each rationale and country-specific compliance text, in any language, are included on invoices. Configurable roles and permissions throughout NetSuite ensure that only authorised users can make changes, such as overriding the tax jurisdiction. Rate change histories are recorded, as are all customer and vendor detail changes.

Flexible Reporting

Gain real-time visibility into your sales tax and VAT position. Automated summaries, transaction-level subsidiary rollups and out-of-the-box localised reports for many countries translate to faster, easier tax reporting. Define and apply each tax code and transaction type to any box on the tax form with NetSuite’s configurable reports, and take advantage of a framework for creating your own report for any country.