E-invoicing Gathers Pace in Mexico
A total of 2.4bn electronic invoices (e-invoices) were sent in Mexico over the first six months of 2014 according to the country’s tax collection agency, Servicio de Administracion Tributaria (SAT).
The figure compares with a total of only 119m e-invoices for the whole of 2011.
Mexican taxpayers earning less than 500,000 pesos (MXN) – equivalent US$38,000 or £23,000 – in 2012 had until 31 March 2014 to migrate to e-invoicing while higher earners had until 1 January to do so.
To increase the use and adoption of e-invoicing, SAT released its own smartphone app for users to send electronic invoices.
Over H114, for every peso that SAT spent on auditing, it recovered 61.1 pesos it stated in its report for the period. This works out to a first half total of MXN78.8bn, up 34.2% year-on-year. SAT spent MXN1.29bn on performing the auditing work.
“Auditing actions are based on monitoring by electronic invoicing systems of taxpayers,” Álvaro Enrique Cordón, president of the tax auditing development commission of the public accountants college, told Mexican news service CNN Expansión.
“[SAT] verifies that taxpayers are fulfilling their obligations, that each taxpayer is issuing an electronic invoice, and SAT knows who issued it and for whom.”
SAT recovered 51.7% of audited revenue from highest-earning taxpayers and the remaining 48.3% from other taxpayers.