Welcome to the October 2026 LatamTax release.
This release introduces new capabilities and improvements across Peru, Mexico, Chile and Colombia, with a strong focus on tax automation, compliance, reporting accuracy and operational efficiency.
A key milestone in this release is the expansion of processes that can be managed directly within NetSuite — from the full Purchase Detractions lifecycle in Peru to local tax scenarios in Mexico and more accurate withholding and fiscal reporting in Colombia and Chile.
Before updating
Review the sections related to the countries and LatamTax modules enabled in your NetSuite account. Some new capabilities require configuration or customer validation before being used in Production.
| Country | Area | What's New |
|---|---|---|
| 🇵🇪 Peru | Purchase Detractions | New end-to-end process covering payment preparation, Banco de la Nación files, certificate registration and payment creation |
| 🇲🇽 Mexico | Electronic Invoicing | Support for local taxes and per-mille withholdings in CFDI 4.0 with SuiteTax |
| 🇨🇱 Chile | Reporting & Logistics | More accurate Purchase Books and improved Dispatch Guide and transportation processes |
| 🇨🇴 Colombia | Withholding Taxes | Improved withholding reconciliation, foreign-currency handling and city-level certificates |
New Feature
In Peru, the Detractions system (SPOT) requires the purchaser of certain goods or services to deposit a percentage of the supplier invoice into the supplier's Banco de la Nación account.
The payment and its corresponding deposit certificate form an important part of the tax process and support the management of the related IGV tax credit.
LatamTax introduces a centralized Purchase Detractions process directly in NetSuite.
Users can now:
More of the Purchase Detractions lifecycle can now be managed directly within NetSuite — from identifying the invoices to preparing the payment and registering the resulting certificates.
This reduces manual processing and provides better traceability throughout the detraction process.
Customer validation recommended
Validate the Banco de la Nación TXT generation and certificate response-file import in Sandbox before using the process in Production.
Documentation: Purchase Detractions
Enhancement
A self-detraction applies when the company is responsible for depositing the corresponding detraction amount into its own Banco de la Nación account for certain sales transactions.
Once the deposit is completed, the corresponding amount must be cleared against the customer receivable.
The Sales Self-Detractions assistant has been redesigned to improve performance and accounting control.
The process now includes:
Companies processing large volumes of self-detractions can work more efficiently while maintaining cleaner accounting balances and better control over individual transactions.
No action required.
Compliance Update
The Código de Anotación de Registro (CAR) is the identifier used to connect transactions reported through SIRE with their corresponding accounting information in Peru's electronic books.
This creates traceability between the Purchase and Sales records reported through SIRE and the related accounting entries.
LatamTax introduces an "Incluye CAR" option for:
For the Daily Journal, LatamTax can generate the applicable CAR information for transactions associated with the Purchase and Sales electronic records.
When CAR is not required, the existing PLE structure continues to be used.
For the General Ledger, LatamTax generates the corresponding structure according to the applicable SUNAT validation criteria.
Customers using SIRE can better align their electronic accounting information with the transactions reported in their Purchase and Sales records.
Configuration required
Companies required to use this information must enable "Incluye CAR" when generating the applicable electronic book.
Stability Improvement
This release also improves the reliability of several Peru Electronic Books.
The generation process has been corrected to prevent errors that could interrupt the creation of the electronic report.
These books provide the detailed movements of company cash and bank accounts.
The generation process has been corrected to prevent the report from remaining indefinitely in Pending status.
Book 7.1 contains the tax information related to company fixed assets, including acquisition values and depreciation information.
Electronic Books can be generated more reliably for monthly and annual compliance processes.
No action required.
Bug Fix
Professional services provided by independent individuals can be subject to Fourth Category Income Tax withholding in Peru.
This release corrects the withholding calculation when a Credit Note is applied to these transactions, including scenarios in PEN and USD.
Withholding amounts now remain consistent with the Credit Note transaction, reducing differences caused by decimal rounding.
No action required.
New Capability
Some transactions in Mexico require taxes or withholdings established at the state or local level in addition to federal taxes such as IVA or IEPS.
Certain public-sector and specialized contracts, for example, may require percentage-based or per-mille withholdings that must be represented in the CFDI through the applicable Local Taxes Complement.
For NetSuite accounts using SuiteTax, LatamTax now supports:
Customers with local tax or per-mille withholding requirements can now manage these scenarios through the standard LatamTax Electronic Invoicing flow instead of handling them outside the solution.
Additional setup required
Customers using this functionality must configure the applicable local tax groups and enable the corresponding fields on the invoice form.
Reporting Improvement
The Chile Purchase Book consolidates the company's monthly purchase transactions and provides the information required to review taxable amounts, recoverable VAT, exempt purchases and applicable withholdings.
LatamTax introduces several improvements to ensure consistent results across different transaction volumes and tax scenarios.
Periods containing more than 1,000 transactions can now be processed without invoices being duplicated between result pages.
Invoices containing both taxable and exempt lines now calculate:
independently, ensuring that each amount is presented in the correct column.
The Purchase Book summary now distinguishes documents using their SII document type and transaction information, preventing incorrect consolidation when different suppliers use the same invoice number.
The Purchase Book provides more reliable totals for VAT, exempt purchases and transaction counts, improving monthly fiscal review and reconciliation.
No action required.
Enhancement
The electronic Guía de Despacho supports the physical movement of goods in Chile and contains the fiscal and logistics information required for the shipment.
NetSuite automatically generates internal accounting lines, such as Cost of Goods Sold and transit lines, for some Item Fulfillments.
LatamTax now excludes these internal accounting lines from Dispatch Guide fiscal validations when they are not part of the physical shipment.
This applies to Item Fulfillments generated from:
Dispatch Guides can be processed without unnecessary validation errors caused by NetSuite-generated accounting lines.
No action required.
Product Improvement
LatamTax now captures additional information required for transportation and logistics processes in Chile.
The release introduces:
LatamTax also updates territorial data to better align with Chile's official geographic structure, including:
Customers can maintain more complete vehicle and dispatch information while using more consistent geographic data in Chilean transactions and electronic documents.
Customer validation recommended
Review customer and vendor address information for the affected geographic areas.
Reporting Improvement
In Colombia, taxes such as ReteFuente, ReteIVA and ReteICA are withheld during applicable commercial transactions.
Companies need to track these amounts accurately in their accounting records and reconcile them against the corresponding tax reports.
The LatamTax SuiteEngine reporting process now provides more reliable withholding information.
Improvements include:
Withholding reports can be reconciled more directly against the NetSuite Trial Balance, reducing the need for manual data cleanup and adjustments.
No action required.
Enhancement
Withholding Certificates document the taxes withheld from suppliers and other third parties during a given period.
While ReteRenta and ReteIVA are generally handled at a national level, ReteICA is municipal and can vary by city or jurisdiction.
LatamTax now provides:
ReteICA certificates can be generated with clearer jurisdiction-level information, making them easier to review and distribute to suppliers.
Customer validation recommended
Generate a ReteICA certificate in Sandbox and validate the resulting city-level PDF grouping.
Accounting Fix
LatamTax automatically reclassifies the accounting impact of returns and Credit Notes in Colombia.
This release corrects the processing of Credit Notes generated from invoices containing commercial discounts.
Credit Notes containing discounts now maintain the expected accounting impact in revenue and tax accounts, improving consistency between transaction accounting and financial reporting.
Customer validation recommended
Validate a Credit Note containing a commercial discount in Sandbox and confirm the resulting accounting impact.
Most changes included in LatamTax v2026.10 do not require additional customer action.
The following capabilities require configuration or validation:
| Country | Feature | Action |
|---|---|---|
| 🇵🇪 Peru | Purchase Detractions | Validate Banco de la Nación TXT generation and certificate import in Sandbox |
| 🇵🇪 Peru | SIRE CAR | Enable Incluye CAR when applicable |
| 🇲🇽 Mexico | Local Taxes & Per-Mille Withholdings | Configure the applicable local tax groups and invoice fields |
| 🇨🇱 Chile | Territorial Information | Validate affected customer and vendor addresses |
| 🇨🇴 Colombia | ReteICA Certificates | Validate city-level PDF grouping |
| 🇨🇴 Colombia | Credit Notes with Discounts | Validate the resulting accounting entries |
Configuration and validation requirements only apply when the corresponding functionality is used in your NetSuite environment.
For LatamTax v2026.11, we are planning additional capabilities across Colombia, Peru and Mexico.
LatamTax plans to extend Documento Soporte capabilities to expenses registered through NetSuite Expense Reports.
What this means for our customers
More expense scenarios will be able to follow the standard Colombia fiscal-document process directly from NetSuite.
The LatamTax Withholding Engine will continue to evolve to support more complex and higher-volume payment scenarios.
Planned capabilities include:
What this means for our customers
The Withholding Engine is being expanded to support more demanding payment operations and a broader range of real-world withholding scenarios.
The LatamTax Vendor Portal is being expanded with 8 new capabilities covering supplier onboarding, invoice submission, fiscal controls and NetSuite transaction automation.
Suppliers will be able to upload PDF documents associated with their transactions, including supporting evidence for received goods or services.
Bulk CSV uploads will support detailed box information, including:
Suppliers will be able to upload multiple electronic invoice XML files in a single process.
The portal will identify applicable PPD (Pago en Parcialidades o Diferido) invoices when the required Payment Complement has not been provided.
The process will include validation controls and supplier notification.
The Vendor Portal will support multiple supplier invoices associated with the same Purchase Order.
Suppliers will be able to submit invoices associated with service items through the portal.
Supported supplier processes will automatically generate the corresponding NetSuite transactions, including:
New suppliers will be able to initiate their onboarding process directly through the Vendor Portal.
The Vendor Portal continues to evolve from an invoice-submission channel into a broader supplier transaction and collaboration platform, connecting supplier onboarding, document submission, fiscal validation and NetSuite transaction creation in a single process.
These capabilities are planned for LatamTax v2026.11 and remain subject to final product validation.
No functional changes for Ecuador or Argentina are included in LatamTax v2026.10.
Both localizations continue with the functionality available in the previous release.
For configuration instructions, functional guides and additional details, visit the corresponding documentation links included in each section.
If you need assistance with your LatamTax update or with any of the new capabilities included in this release, contact your BringIT support team.