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Tax obligations in Mexico 2015

08/01/2015

Obligaciones fiscales para México

Mexico is advancing towards construction of an increasingly electronic society. Most accounting procedures are already carried out digitally, enabling users to save time, cut business costs and improve fiscal control. This has made the North American country a benchmark for other neighbouring countries and even Europe and Asia. Nevertheless, there is still a long way to go.

In 2015, the Tax Administration Service (SAT) has established new tax obligations, which will also be transacted electronically and added to the breakthroughs achieved last year. In general, these are the requirements to be taken into account by companies in order to fully comply with the legislation:

 

Widespread use of CFDI

Since 2014, all Mexican taxpayers are required to use the Digital Tax Receipt via Internet (CFDI) in their business relations, as set forth in Article 29 of the Federation Tax Code. Mexico is currently one of the leading countries worldwide in the rollout of electronic invoicing, with a high penetration level which is gradually increasing.

To issue CFDI, taxpayers must use one of the 79 Authorized Certification Providers, which assume the responsibility for ensuring validity of documents for tax purposes and declaring them to the SAT.

Edicom was the first company to be certified as a PAC in Mexico and has different solutions to fully automate the creation, sending and storage of invoices. This way, companies can cut costs and boost productivity, while fulfilling their tax obligations.

 

Invoice storage in XML

Paper invoices are not valid for the SAT, as they only presuppose the existence of the tax receipt. In other words, taxpayers must store their CFDI in XML format. This way, they can make the appropriate deductions.

EDICOM holds NOM 151 accreditation (electronic notary) to ensure compliance with the preservation and safekeeping requirements for e-invoices. Find out more about this certification here.

 

Electronic payroll

All companies must issue their payrolls using the CFDI schema. This measure, which was introduced in mid-2014, constitutes an economic saving of up to 88% on each document. Now, the process is handled electronically and workers can sign their receipts with no need to leave their workstation, using solutions such as Business Mail Payrolls. This way, they have managed to do away with long queues waiting in line.

Taxpayers must bear in mind that this requirement applies to businesses of all shapes and sizes. Moreover, it is necessary to issue a CFDI for each payment made.

 

Electronic accounting

This is undoubtedly the main new tax feature for entrepreneurs in 2015. As stated by the SAT in a press release, 203,807 taxpayers must begin sending their accounting information from this January. However, corporations and individuals with annual earnings of less than 4 million pesos will have another year's deadline to start using electronic accounting. In other words, until January 2016.

 

Electronic withholding document

The SAT, through point I.2.7.5 of the Omnibus Tax Ruling for 2014, announces the obligation to issue certificates of retentions (withholdings e-document) for all taxpayers providing online information on tax withholdings and payments.

This is an e-document containing the fiscal information on payments made by the taxpayers, to which the pertinent withholding complement is added in each case. This way, taxpayers must generate a standard XML file with the information required for each item subject to withholding of taxes set forth in the catalogue of withholdings published by the SAT.

Prior to submission to the SAT, each invoice must be submitted to an Authorized PAC for incorporation of the digital tax stamp that certifies it.

Businesses and taxpayers may issue the e-document with their retentions on an annual basis by the 31 January 2015 deadline for the issuing of withholdings pertaining to tax year 2014.

Find out more more about this tax requirement.

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