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Updates on e-invoicing in Mexico
Mandating electronic invoicing has proven a financial boon to the government of Mexico. That’s because for every peso Mexico’s tax administration SAT has invested in auditing, it recovered 61.1 pesos, or $4.65 US. In the first half of 2014, Mexican authorities collected 78.8bn pesos, up 34.2 percent year-on-year.
Alvaro Enrique Cordon, president of the tax auditing development commission of the public accountants college was quote by the news service CNN Expansion as saying, “Auditing actions are based on monitoring by electronic invoicing systems of taxpayers.”
The SAT’s mission is to verify that Mexican taxpayers are issuing electronic invoices as well as oversee who has written them and to whom, Cordon added.
Taxpayers earning less than 500,000 pesos in 2012 had until March 31, 2014 to adopt electronic invoicing, while the rest of the country’s taxpayers had until January 1, 3014 to transition to the new payment system.
As a way to ease the adaptation of e-invoicing, the SAT issued an app for users to send electronic invoices this past February.
In other related news, Mexican VAT payers have been given a temporary reprieve from the tax. Instead, they will be entitled to receive VAT refunds for imported goods if claims to the taxing authorities are submitted within a year of the VAT being imposed.
The temporary reprieve is retroactive to purchases of VAT goods made since January 2014 for business registered under the special tax on production and services known as the IEPS.
The tax refund will be due no more than 20 days after the application.
Last modified on Wednesday, 27 August 2014