This year marks the tenth anniversary of electronic invoicing in Mexico. On January 5, 2004, the Ministry of Finance and Public Credit, through the Official Gazette of the Federation, issued the first ever schema for the Digital Tax Receipt or CFD. Since then, approximately 9,000 million electronic billing transactions have taken place. This figure is set to grow in coming years as the CFDI becomes mandatory, making Mexico one of the most innovative countries in this area.
In fact, the rollout of electronic invoicing in the Central American country has aroused the curiosity of the European Union and is now an example to follow, as we reported here. And with the rollout of CFDI, transparency and savings for taxpayers have grown exponentially, through greater fiscal control and process optimization.
The implementation of electronic invoicing in Mexico is the result of a progressive tax adjustment over the past ten years. From the CFD’s debut, with figures for 2005 of only 139,509 transactions carried out by this method, to compulsory use of CFDI for most taxpayers and payroll receipts in 2014.