Tekiio Localization - Panama (SuiteTax) vs Sovos E-Commerce EU VAT Reporting (OSS/IOSS) for SuiteTax

Tekiio's Panamanian Localization product has been developed using NetSuite's tax, transaction and record bases, adding new tax calculation and reporting functionalities to enhance the use of NetSuite in Panama through SuiteTax's engine. The SuiteTax Panama Localization allows users to issue electronic invoices by connecting with "Hypernova" Electronic Invoicing Provider, obtain tax reports and manage tax reports.

The EU E-Commerce VAT package came into force 1st July 2021. The rules require an expanded number of businesses to account for local VAT in the countries where they make B2C sales. Sovos offers a comprehensive Managed Service covering all relevant schemes: Union OSS, non-Union OSS and IOSS. This includes acting as Intermediary if required, easing the burden of the EU E-Commerce VAT Package and helping you to understand the right solution for your business. Extend your global reach without fear of noncompliance by leveraging our Built for NetSuite integration.