Mexico is the most advanced country in the world in terms of electronic invoicing rollout. Since its inception ten years ago, over 9,000 million transactions have taken place through this system. A leadership confirmed by the prestigious annual survey on E-Invoicing/E-Billing: International Market Overview & Forecast drawn up by Billentis consulting. According to this report, the Central American country showed the highest electronic invoicing growth rates in 2013.
This trend is set to continue throughout the rest of the year due to the current tax legislation which requires the majority of taxpayers to use CFDI (Digital Tax Receipt via Internet). In fact, the extension deadline set by the Internal Revenue Service to join this scheme ends on April 1.
The potential of electronic invoicing to improve fiscal control, keep costs down and speed up transactions has sparked overall growth of this payment system worldwide. In this regard, some countries in Asia and the Pacific, interested in the rollout model developed by the Mexican Administration, may implement similar measures in their respective regions.
In recent years, Latin America has become one of the biggest promoters of e-invoicing. Further proof is that Brazil and Chile are also front-runners in rolling out this payment system. In addition, other countries such as Costa Rica, Ecuador, Guatemala and Uruguay will soon be taking up electronic billing.
To illustrate this historic evolution, EDICOM has drawn up an infographic summarizing the e-billing milestones that have taken place in Mexico over the past decade.