Tax Determination Rules Preferences for Colombia
The predefined tax determination rules provided by the SuiteTax Latam Engine - Colombia Records SuiteApp include generic information for tax calculation in Colombia.
To use the predefined records to calculate taxes in your transactions in Colombia, you can include your company-specific information to the records.
For instance, you can select one or multiple subsidiaries to apply the rules only to transactions involving the selected companies. Alternatively, you can apply the rules to companies operating in a specific line of business.
You must also keep your tax determination rules preferences up to date to comply with regulatory or business changes. The SuiteTax Latam Engine - Colombia Records SuiteApp does not provide updates or maintenance for the predefined tax determination rules.
For more information about tax determination rules records, see Creating Tax Determination Rules in the SuiteTax Latam Engine.
After you set up your tax determination rules, ensure the following records are associated with the parameters to which the rules apply:
-
Subsidiary
-
Vendor
-
Customer
-
Item
For instance, ensure if the subsidiary and its customers are associated with the proper tax regime and line of business. Also, if the item is associated with the proper item code. For more information, see the following help topics: