Broader Mexican eInvoicing Mandate Looms Ahead Globe Newswire
go to original May 25, 2013

With Mexico's Servicio de Administracion Tributaria (SAT) expected to announce - perhaps in the next weeks - expansion of an electronic invoicing mandate, companies need to begin planning for transition now to avoid non-compliance and costly fines, says Scott Lewin, CEO of Invoiceware International, a leading Latin American eInvoicing provider.

The SAT, the Mexican internal revenue service, first introduced the Comprobante Fiscal Digital por Internet (CFDI) business process in January 2011, requiring real-time filing of electronic invoices via the Internet. Over the past 2 years, additional mandates have transitioned approximately 10 percent of invoices to the CFDI XML format. In a move to further the adoption of the einvoicing process, the SAT released a government run CFDI portal for small businesses with low invoice volume in September 2012. And in December 2012, the SAT started requiring domestic buyers to collect and archive their supplier CFDI XML invoices.

The continued enhancements and rollout of CFDI einvoicing served as a warning bell for other businesses that further change was coming. With approximately 90 percent of commerce still being transacted under older rules that allow for looser reporting of transactions in batches, the SAT is expected to sunset the use of the older CFD process as well as lower the transaction compliance threshold - a move that could affect an estimated 500,000 companies, Lewin said.

Read the rest at WSJ.com

We invite you to add your charity or supporting organizations' news stories and coming events to PVAngels so we can share them with the world. Do it now!