Introducing NetSuite PH
Powerful ERP Designed for the Needs of Philippine Companies
NetSuite PH has been fully localized for the accounting rules, usage conventions and regulatory requirements of the Philippine market, including Bureau of Internal Revenue (BIR) tax reporting requirements.
NetSuite PH combines industry-leading functionality for customer relationship management (CRM), ERP and ecommerce with NetSuite OneWorld's global business management capabilities. This makes NetSuite PH the perfect solution for Philippine businesses that need to manage their domestic and global businesses in the cloud, whether they are locally headquartered or are a division of a larger, multinational enterprise. It is particularly suited for companies classified as large taxpayers by the BIR.
For new NetSuite customers, NetSuite PH can be automatically provisioned, while existing NetSuite customers can easily deploy it as a bundle.
- Complete ERP for businesses to meet Philippine accounting standards
- Complete solution to meet Computerized Accounting System (CAS) requirements
- Comprehensive support for Philippine withholding tax
- Support for all Philippine value-added tax (VAT) tracking and reporting.
Support for the Philippine Withholding Tax System
- NetSuite PH enables compliance with the Philippine withholding tax system of collecting in advance the approximate income tax for specific income payments made by payors (constituted as withholding agents on behalf of the BIR) to payees
- NetSuite PH supports withholding taxes that cover income payments creditable against the income tax due of the payee for the taxable quarter/year in which the income was earned
- NetSuite PH supports the generation of such reports as the Certificate of Creditable Tax Withheld at Source (Form 2307), the Monthly and Quarterly Alphalist of Payees, the Summary Alphalist of Withholding Agents (SAWT) and worksheets for the preparation of the Monthly Return of Creditable Income Taxes Withheld (Form 1601E).
Full Support for Philippine VAT Tax Codes by Default
- Philippine VAT tax codes are supported by default (or by deploying the necessary bundle for existing customers)
- Philippine VAT tax codes are now included by default on provisioning for any new account for Philippine customers or those with Philippine subsidiaries, or on the installation of the Philippine VAT reporting bundle for existing customers with offices or subsidiaries in the Philippines.
Direct Report Generation for VAT Declarations and Returns
- NetSuite PH supports the generation of reports for monthly VAT declarations (Form 2550M) and quarterly VAT returns (Form 2550Q) directly from NetSuite, as well as supplementary tax reports, such as the Quarterly Summary List of Sales (SLS) and Quarterly Summary List of Purchases (SLP).