Latin America electronic invoicing (e-invoicing) specialist Invoicewear International has launched ‘Mexico eInvoice FastTrack’, a solution to help companies migrate to the country’s recently mandated Comprobante Fiscal Digital por Internet (CFDI) format and guarantee a testing slot before the year-end deadline.
Mexico’s taxing authority, the Servicio de Administracion Tributaria (SAT), announced on 31 May that all commercial invoice transactions sent by companies earning more than pesos (MXN) 250,000 (£12,850) annually must be submitted to the authority in a standard electronic format for approval effective 1 January 2014. The new regulation aims to combat increasing cases of fraud in business-to-business (B2B) transactions
The mandate, which eliminates the use of the legacy contract for difference (CFD) process, is expected to affect an estimated 500,000 companies, many of them multinational corporations (MNCs) with operations in the US and Europe. Although the change has been expected for some time, the short notice has created a rush to bring systems into compliance before the end of 2013.
The new compliance mandates being instituted in Mexico will:
- Affect all outbound shipping by companies, as CFDI is a real-time process.
- Require accounts payables organizations or shared services to adjust to the flood of newly created CFDI e-invoices from their suppliers.
- Affect companies with revenue of at least MXN 250,000 compared with the previous minimum of MXN 4m.
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