As the biggest CFDI schema update since 2011, companies must comply with several new validations as part of the Mexican tax authority’s goal to improve the accuracy and quality of the transactional data being collected.
Recently acquired by Sovos Compliance, Invoiceware International simplifies e-invoicing and fiscal reporting compliance for multi-national companies such as Brown-Forman, The Coca-Cola Company and Philips. The compliance-as-a-service platform in the region helps clients increase internal efficiencies while reducing the risk and costs associated with fiscal compliance across Latin America. Invoiceware by Sovos provides complete compliance support for companies affected by Mexico’s e-invoicing mandates, solving challenges associated with configuration, accounts payable and accounts receivable processes, and language barriers.
When Mexico’s tax authority (the SAT) mandated CFDI v3.3 in December 2016, it listed several new validations to help improve transactional processes and data accuracy. Companies operating under the current CFDI v3.2 schema in Mexico are currently required to go live with these updates by July 1, 2017. Specific validations for CFDI v3.3 include: 23 new catalogs, time zones with respect to the place of issuance, transferred and retained tax according to catalogs, and use of additional currencies outside of the peso.
Now that the CFDI v3.3 has been mandated by the SAT, companies operating in Mexico will need to prepare quickly in order to implement these significant changes in the next six months – or risk significant business disruption, said Steve Sprague, general manager, Invoiceware by Sovos Compliance.
Invoiceware by Sovos Compliance standardizes complex compliance regulations in Latin America for companies including The Coca-Cola Company, Philips, Kellogg, DuPont and Siemens. Invoiceware reduces the risk and cost of compliance, empowering its clients automate government standardized e-invoicing and fiscal reporting to improve supply chain efficiency and optimize cash flow. Invoiceware by Sovos is based in Atlanta with operations covering Brazil, Mexico, Chile, Peru, Colombia, Ecuador, Uruguay and Argentina.
Sovos Compliance is a global provider of tax, compliance and business-to-government reporting software. The company’s compliance platform integrates with a wide variety of business applications, providing the control and visibility required to manage global tax compliance activities. Based in Boston, Sovos has offices throughout North America, Latin America and Europe.
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