Shared Services Center – How to adapt to tax compliance in LATAM?


More and more multinationals around the world are deciding to centralize their tax systems and operations through what are designated Shared Services Centers. The aim is to enhance efficiency and save on economic costs. However, many of these centers find it hard to comply with certain regulations, such as electronic invoicing or e-accounting, especially in Latin American countries.

Mexico, Brazil, Chile and Argentina already require taxpayers to use e-invoicing to prevent tax evasion and boost efficiency. Other countries, such as Colombia, will also be rolling out this system in the near future.  The difficulty for Shared Services Centers is that each of these regions demands very different technical and fiscal requirements. Moreover, the standards change and evolve periodically.

How can Shared Services Centers adapt to tax compliance in Latin America?

Think of a multinational that has centralized its systems in a Shared Service Center and has to provide service to its subsidiaries in Mexico, Brazil and Argentina, for example. To streamline tax compliance (invoice, payroll, e-accounting, etc.), EDICOM offers the centers the option of outsourcing these processes through the Global e-Invoicing platform.

The way it works is really simple. This solution is integrated with the centralized information system of the multinational, automating the issuance, delivery, storage and sending of electronic invoices, in accordance with the legislation in force for each subsidiary. The platform is adapted to the requirements of more than 60 countries worldwide. In other words, a single solution is enough to operate in any region.

Bear in mind that thanks to the work of the Permanent Observatory on e-Invoicing, the Global e-Invoicing platform is constantly updated whenever any regulatory change takes place. It also gradually includes the new countries that decide to join this technology. This way, Shared Services Centers always have the guarantee of full compliance with the requirements and regulations of each of the company’s subsidiaries without needing any modification.

With this platform, multinationals can take maximum advantage of the benefits of e-invoicing. In addition, it is possible to achieve the savings and efficiency initially foreseen when rolling out their Shared Services Center.

PeopleHedge joins EDICOM partners program



EDICOM has signed an agreement with a new US partner: The PeopleHedge financial services provider. With this alliance, forged after the E-Commerce Summit organized by the Brazilian Chamber of Commerce, both companies are seeking mutual collaboration to enhance the service they provide to their end clients.

PeopleHedge is a financial services company that helps businesses interested in investing abroad to find financial resources and better exchange rates. Many of these customers choose to invest in Latin America and Europe, where they are faced with the obligation to invoice electronically, in accordance with certain legal and tax requirements laid down by each country’s tax authorities.

From now on, this agreement will allow PeopleHedge to provide a global technology solution to automate compliance with e-invoicing in any country. In addition, EDICOM clients looking for new business in other areas of the world will have the services of PeopleHedge at their disposal to ensure their investment is as profitable as possible.

EDICOM Partner Program

Where that teamwork helps achieve great successes, EDICOM has designed a wide-ranging Partners Program, with different modalities adapted to every type of collaborating enterprise. With this business model, the partners bring greater added value to their projects and distinguish themselves from their competition, by having a top-ranking technology partner worldwide.

Just a few days ago, EDICOM headquarters in Valencia (Spain) held a meeting of over 40 collaborating companies to exchange points of view, explore new business alliances and foster closer links. Likewise, the Mexico D.F. office hosted around 50 businesses last February for the same purpose.

If you would like to know more about the EDICOM Partners Program, click here or contact our team.

GDSN Major Release 3: More quality and flexibility in product data synchronization

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In May 2015, GS1 International successfully completed the test phases of its new standard for the GDSN network Major Release 3. In September, trials began with the different Data Pools approved to operate in the network, with EDICOMData the first catalogue to obtain the certification to operate under the new standard.

This upgrade is scheduled to go live by May 2016. As of that point, synchronization with GDSN catalogues using earlier versions will no longer be possible.

GDSN Major Release 3 is a new standard designed to respond to the numerous challenges arising in product data synchronization processes. It brings important new features that will improve the quality of information processed, providing greater guarantees and flexibility to adapt to the specific requirements of certain industries, as well as current and future regulatory frameworks that may affect product information.

GDSN Major Release 3 includes more than 1,500 changes to the GDSN standards through different measures, including the following:

  • Adding 156 requirements of different industries
  • Considering 140 suggestions for improvement
  • 300 new product attributes
  • 1000 new value codes
  • Over 250 new validations of the synchronized data

Data Pools must incorporate all of these to be able to continue to operate in the Global Data Synchronization Network, which will allow better product data synchronization projects through the GDSN network:

  • Better product Information: New attributes will be admitted, enriching the information contained in the product files with details such as ingredients and allergens, thereby enhancing the purchasing experience for consumers.
  • Swift adaptation to standards and regulations: The new product attributes will make it easier to adapt data synchronization processes to the different regulations, such as European Union Regulation 1169 on the nutritional information of products.
  • Adaptation to different sectors and industries: Setting out criteria for the exchange of product data and adapted to the particular features of different industries.
  • Improving data quality: Increasing trust in the product information shared by publishers with all the subscribers.
  • Faster projects: This standard will reduce the complexity of rolling out new data synchronization products, considerably shortening execution times.

Number of e-invoices issued to the Spanish Administration grew 35% last quarter

“The ongoing increase in the number of e-invoices issued confirms that this technology is now fully ensconced in Spain’s business fabric. This is positive news, considering the working benefits and economic cost savings for both companies and administrations when implementing new ICTs such as e-invoicing”, explains Miguel Soler, expert from the Permanent e-Invoicing Observatory.

This EDICOM department studies the rollout and development of e-billing systems in countries worldwide, with special emphasis on Europe and Latin America, as regions leading the digital transformation with fiscal and taxation initiatives.

 

Read the full news at www.facturae.com

EDICOMData starts migration of all users to GDSN Major Release 3

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GS1 International, the organization promoting the Global Data Synchronization Network (GDSN), will be updating its systems in line with the Major Release version 3 in May.

This new version will be the one that all Data Pools authorized to operate via GDSN must use without fail, as product data synchronization will no longer be possible between catalogue publishers and subscribers that do not use the new standards set out in this upgrade.

To adapt its technical infrastructure according to the new requirements, the GDSN network run by GS1 International will be down for part of the month of May.

EDICOMData, the first Data Pool certified by GDSN for Major Release 3, will start upgrading all users to the new version between 16 and 26 May, coinciding with the GS1 International adaptation period, during which time the product data synchronization platform will be out of use.

EDICOMData publishers and subscribers have no need to actively participate in this process, as EDICOM is responsible for applying all the modifications required in the data structures, product attributes, communications and validation processes. This way, the GDSN Major Release 3 upgrade will be transparent for the user. As of May 13, the service restart date, the upgrade will furnish businesses that synchronize their product data through the GDSN network with all the latest functionalities.