Electronic invoicing for taxpayers is becoming a mandatory issue for companies throughout the world. The latest study on E-Invoicing/E-Billing International Market Overview & Forecast from Billentis calculates a volume of e-invoices exchanged that could reach 36 billion in 2017.
Countries across the American continent have been at the forefront in use of this technology for years, with Mexico and Brazil being the countries with the most advanced e-Invoicing legislations. Tax authorities within Central and South America are looking up to these models and adapting them to their own fiscal models, like those of Costa Rica and Colombia. However, in the United States e-invoicing is still in the initial stages of development in comparison to countries in Latin America and Europe.
Mexico has become a global e-invoicing leader through establishing a system which has influenced e-invoicing compliance on an international level. The Mexican CFDI has experienced updates since 2014 designed to ensure a better user experience, and to solve incidents that are detected over time with the application of this system.
This year, the CFDI will undergo a major evolution (VIDEO), introducing a new version 3.3 which will come into force on December 1, 2017. The new version includes changes in structure, data format, data features and data pools/catalogues, as well as in validations and calculation rules.
The update to version 1.2 of the Payroll Complement and the use of the Payment Receipt Complement, will also become mandatory this year, beginning December 1, 2017. México’s Tax Administration Service (SAT) also announced updates regarding the Foreign Trade Complement, where version 1.0 and 1.1 will coexist during 2017.
Globalization, the expansion of markets and legislative changes around the world means that companies are increasingly interconnected, and require secure and reliable communications to roll out international e-Invoicing projects.
Now that e-invoicing is extending to all continents, a main obstacle for multinational companies is to comply to these new systems. This is why EDICOM has developed a global electronic invoice platform that adapts to different e-invoice models that exist in the world and to the legislation currently in force in each country. This way companies need only one platform to operate in any market, allowing them to continue working from their centralized management system.
Would you like to know more? Download our free Expert Analysis on e-Invoicing in Latin America (available in English, Spanish, Portuguese).