Eight noteworthy Latin American e-invoicing updates by Invoiceware International

As a LATAM e-invoicing specialist, Invoiceware International has a lot of e-invoicing knowledge and developments to share with the world, and the e-invoicing community. In this update Invoiceware International shares no less than 8 noteworthy developments.

  1. Common compliance challenges as Uruguay e-invoicing requirements expand
    As Uruguay continues to formalize its e-invoicing requirements, with new mandates taking effect in 2016 based on revenues, several factors distinguish its compliance processes. Today, we’re examining the common compliance challenges enterprises will face, as taxpayers with revenue greater than or equal to ~$3.1M USD (UI 30,000,000) prepare for the June 1, 2016, electronic invoicing deadline, and those with revenues greater than ~$1.5M USD (UI 15,000,000) implement changes in advance of the December 1, 2016, deadline.
  2. Mexico Amparo timelines are running out. Is your company prepared?
    When Mexico announced e-accounting legislation, many multinational corporations argued that the requirements were unconstitutional. Almost 10 percent (16,000) of the companies initially required to file their records electronically in 2015 were granted a legal stay, called an amparo. However, as 2016 approaches, these stays are quickly running out. To date, courts have shown a tendency to deny continued amparo and ruling on the side of Mexico’s tax authority, the SAT, to require electronic reporting.
  3. Latin American 2016 business forecast: four trends to watch
    2015 was a banner year for Latin American tax authorities, introducing more countries and more complications into the compliance landscape. For example, Brazil expanded its business-to-government mandates from e-invoicing to requirements that affect accounting, inventory management and personnel, while Mexico, Peru, Uruguay, Ecuador, Colombia and Chile introduced significant expansions of their e-invoicing and tax legislation. As we embark on 2016, what’s ahead? Expect even more challenges as compliance continues to be an issue affecting businesses throughout the region.
  4. Latin America is setting the bar for Shared Services
    Global companies are expending significant resources on their shared services departments as they realize the benefits of standardized operations. In fact, a recent Deloitte study found that more than 90 percent of a pool of 300 private-sector organizations saw cost reductions and improved efficiencies from leveraging shared services, and such proven successes are resulting in the continued growth of the shared services function. As companies around the world look for ways to make shared services even more efficient, they should look toward Latin America, where government regulations are necessitating that companies set the bar for innovations.
  5. 2016 Outlook for Brazil Business-to-Government Compliance: Audit Surge Anticipated Amidst Changing Standards
    When Brazil announced its e-invoicing mandate in 2008, such strict and comprehensive regulatory measures were unprecedented. However, Brazil set the stage for business-to-government compliance initiatives, with 10 countries in Latin America plus others worldwide now enforcing similar measures. As we approach 2016, what should companies operating in Brazil know? Here’s a look ahead. http://www.invoicewareint.com/blog/2016-outlook-brazil-business-to-government-compliance
  6. 10 New Latin American Mandates to Expect in 2016
    The rate of change of business-to-government compliance mandates in Latin America continues compounding, with no less than 10 (ten!) new regulations expected in 2016. Managing these changes can be challenging at all levels of a corporation – from IT integration to new processes and controls in finance and supply chain management to operational delays and financial penalties that directly impact the C-suite. And these are issues faced with just a single regulation change! Now that companies operating in Latin America are looking at as many as 10 new mandates this year, it’s time to critically assess your compliance solution to ensure that these transitions are as seamless as possible. Below is a quick overview of the mandates multinationals need to pay attention to this year.
  7. SAP Implementation Challenges in Latin America
    Global companies with operations in Latin America are often faced with a paradox. They’ve invested heavily in a global instance of SAP, and yet that investment doesn’t cover the unique financial compliance initiatives required by governments throughout Latin America. To combat this issue, some companies expend even more by managing compliance internally – requiring up to 15 full time equivalents – or by moving compliance measures outside of SAP. Both of these options are costly mistakes.
  8. Eight Significant Changes to Brazilian Business-to-Government Compliance Measures
    We recently examined the 10 new financial compliance regulations expected to hit companies operating in Latin America this year. None present more challenges than those going into effect in Brazil. Couple this wave of changes and expansions with Brazil’s current complex mandates, and companies are in for a turbulent ride, risking significant fines, penalties and business disruptions with any error.
    In 2016, a number of changes will go into effect in Brazil designed to help the government better audit, track and trace tax liabilities in real time. Here, let’s take a deeper dive into these new requirements.

Related Posts

Comments are closed.