Mexico’s big hitters rely on Business Mail Payrolls
From more than three months now, payroll issuance using the CFDI schema has been mandatory in Mexico. This is part of a technological modernization strategy making this North American country one of the most advanced in electronic management. The path towards limiting the use of paper is also marked by a considerable economic saving which, for payroll receipts, reaches 80% per document.
This information is taken from a survey carried out by EDICOM, showing how prior to rolling out CFDI, the payroll issuing and delivery process used to cost around 37 pesos each time for Mexican businesses. This sum mainly went on tasks such as printing, delivering and safekeeping of the pay check signed by the worker.
With the electronic process, however, these tasks have disappeared, and the whole procedure is currently done practically automatically through a solution such as Business Mail Payrolls. Through this platform, EDICOM generates, stamps and submits all the payroll receipts to the SAT. In addition, workers can sign documents electronically without leaving their post. All the pay checks are then stored in a secure high availability environment where both employees and employers can consult the documents at any time.
This is why major companies with a considerable number of workers, such as Eli Lilly, Pilgrim´s and Star Medica, UNILEVER, Robert Bosch, Volaris, Continental, BMW, McCormic, Prosegur, Fermic, Hanesbrands or Alucaps Mexicana trust and benefit from solutions such as Business Mail Payrolls to handle their administrative transactions and finally wave goodbye to paperwork. Thanks to this type of software, they can cut costs and boost employee productivity, as workers no longer have to line up during working hours to sign their pay checks.
New Tax Law amendments for 2014
The new amendments that came into force on July 1 were rolled out by the SAT specifically to govern the management of CFDI in certain economic and fiscal operations.
In addition, they highlight the new specifications for taxpayers who are required to keep an accounting record of their operations. They are now required to have electronic systems able to generate files in XML format containing a series of fields which include detailed data on their economic activities. Moreover, the accounts listing in the XML format specified must be sent by remote means to the Tax Mailbox on a regular basis (monthly, every time it is modified and at the end of each tax year).