Latin America is the most advanced region worldwide in the rollout of paperless initiatives. In fact, Billentis consulting reports that of the 42 billion e-invoices exchanged in 2015 worldwide, 25 billion could come from this area alone. But the number of e-tax projects continues to grow. In 2016, around a dozen new regulations in the B2G area will become compulsory. Here are some of the changes that multinationals operating in Latin America will have to adapt to.
Another new initiative from the Central American country involves plans to upgrade the XML schema (version 3.3).
The SPED project (Block K) aims to increase tax liabilities. Businesses must be able to submit a monthly production and inventory report electronically by January 1, 2017.
In addition, as of September, large companies (with income over $78 million USD) must comply with the eSocial ruling, which requires them to provide all the legal and tax information related to hiring employees electronically.
Following years of regulation, the DIAN plans to start up its pilot project for widespread use of e-invoicing As of 2017, the obligation will affect some 50,000 companies.
The country will continue to gradually expand e-invoicing. In June, companies with income equal to or more than $3.1 million USD will be obliged to join. Subsequently, in December, it will be the turn of those with turnover of $1.5 million USD or more in 2015.
To facilitate uptake and adoption of the new obligations, EDICOM has developed an international e-invoicing platform. Through it, multinational enterprises can manage the entire fiscal process according to the requirements of each country with a single solution. The platform is ready to work automatically, from the company’s ERP, with the legal requirements set forth by 60 states worldwide. Additionally, the ongoing work of the International e-Invoicing Observatory ensures that the platform is kept permanently updated, so that users do not have to worry about any future developments.