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Invoiceware simplifies compliance with Mexico CFDI 3.3 E-invoicing

Invoiceware has extended its Mexico CFDI e-invoicing solution to support companies mandated to implement significant electronic invoicing upgrades by July 1, 2017.

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.

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.

Steve Sprague, general manager, Invoiceware by Sovos Compliance:
“Now that the much anticipated 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. Our clients doing business in Mexico have experienced the constant evolution of e-invoicing legislation in this part of the world. We are committed to helping them avoid risks while reducing the burden of necessary change-management as part of their compliance obligations.”

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 in one of the most complex regulatory environments in the world. The leading 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.

Click here for more information about Mexico and the SAT’s CFDI v3.3 requirements or contact Invoiceware International to learn more.

 


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