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
1011	Information about tax returns.
1012	Information about tax returns, shares and contributions, and investments in bonds, certificates, securities, and other tax-related investments.
1647	Income received for third parties
5247	Payments or credits to accounts and withholdings made.
5248	Income received from business collaboration agreements
5249	Deductible VAT in business collaboration contracts.
5250	Generated VAT in business collaboration contracts.
5251	Accounts receivable balance as of December 31 in business collaboration contracts.
5252	Accounts payable balance as of December 31 in business collaboration contracts.

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

The SuiteTax Latam Engine SuiteApp helps you meet local tax determination requirements. Companies that do business around the world must comply with different tax rules from local 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 doesn't provide a predefined plug-in or record to calculate the taxes of any country or region. You'll need to 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.

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