SuiteTax is an indirect tax solution used to determine and calculate taxes across multiple tax jurisdictions (US, VAT countries, Brazil and India). Natively built on the NetSuite platform, SuiteTax drives efficiency by integrating transaction tax calculations and reporting functionality within the same suite that companies use for sales, billing, revenue recognition, payment processing, and much more.
The related SuiteTax API is used by best-of-breed tax-service partners to integrate their solutions with NetSuite. Users have the ability to choose either a single tax partner for all their global tax calculations or from multiple partners.
US Sales Tax
- Calculate sales and use tax on your transactions, based on date, location, type of product or service, and customer.
- Automated sales and use tax rates updated on a monthly basis, for each state, county, and city.
- Auto provisioned tax rates (state tax, county tax, city tax, district tax, and tax not liable), tax codes, tax groups, and tax agency names.
- Accuracy with a calculation based on zip +4 addresses.
- Logic looks at both origin and destination-based state rules, plus interstate and intrastate shipping.
- Set product taxability rules at a state level. Indicate which products should be automatically treated as non-taxable.
- Manage exemption certificates (item-specific or blanket) with validity dates, for customers and vendors.
- Easily manage special circumstances like tax holidays and product exemptions.
- Integrates with NetSuite SuiteCommerce eCommerce solutions and other shopping cart systems.
VAT/GST
- Manage the complexity of VAT and compliance across Europe and Asia as your business grows and jurisdiction requirements change.
- Manage in-country transactions (VAT, GST, and Sales Tax), as well as cross-border rules and transactions such as intra-EU transactions, 3PL, reverse charges, as well as fully non-deducible VAT and others.
- Tax content includes monthly rate updates at a country level for over 110 countries, auto provisioned tax codes, tax groups and tax agency names.
- Tax rate change history is maintained.
- Automatically validates and inserts the company legal name, address, consultation number and date stamp on all EU customer and vendor records.
- Enhanced tax determination logic (ship-to and ship-from addresses and warehouse location).
- Provides tax registration number format validation for more than 20 non-EU countries.
- Localization includes several country-specific tax returns and cross-border reports as well as editable templates allow changes to be made to the boxes on the tax return.
- UK MTD compliant and also includes Germany GoBD, France FEC audit files and Mexico Audit Files: Electronic Accounting Files.
India GST
- With a rules-based tax engine for GST and TDS, companies in India can automate tax determination in transactions.
- GSTIN and PAN number support with the format validation.
- Pre-seeded Tax types, SAC codes, and TDS section codes for easier rules setup.
- Transact with SEZ by applying different tax rules from the regular ones.
- Multiple GSTIN support for different states.
- Define and accommodate vendor exemptions and multiple thresholds for TDS.
- Tax on Tax for TDS Surcharge, Education Cess, and Secondary Education Cess support.
- Automate tax calculation in invoices and generate complex tax returns in the format prescribed by the government.