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Shared Services Center - How to adapt to tax compliance in LATAM?

27/04/2016


More and more multinationals around the world are deciding to centralize their tax systems and operations through what are designated Shared Services Centers. The aim is to enhance efficiency and save on economic costs. However, many of these centers find it hard to comply with certain regulations, such as electronic invoicing or e-accounting, especially in Latin American countries.

Mexico, Brazil, Chile and Argentina already require taxpayers to use e-invoicing to prevent tax evasion and boost efficiency. Other countries, such as Colombia, will also be rolling out this system in the near future.  The difficulty for Shared Services Centers is that each of these regions demands very different technical and fiscal requirements. Moreover, the standards change and evolve periodically.

How can Shared Services Centers adapt to tax compliance in Latin America?

Think of a multinational that has centralized its systems in a Shared Service Center and has to provide service to its subsidiaries in Mexico, Brazil and Argentina, for example. To streamline tax compliance (invoice, payroll, e-accounting, etc.), EDICOM offers the centers the option of outsourcing these processes through the Global e-Invoicing platform.

The way it works is really simple. This solution is integrated with the centralized information system of the multinational, automating the issuance, delivery, storage and sending of electronic invoices, in accordance with the legislation in force for each subsidiary. The platform is adapted to the requirements of more than 60 countries worldwide. In other words, a single solution is enough to operate in any region.

Bear in mind that thanks to the work of the Permanent Observatory on e-Invoicing, the Global e-Invoicing platform is constantly updated whenever any regulatory change takes place. It also gradually includes the new countries that decide to join this technology. This way, Shared Services Centers always have the guarantee of full compliance with the requirements and regulations of each of the company’s subsidiaries without needing any modification.

With this platform, multinationals can take maximum advantage of the benefits of e-invoicing. In addition, it is possible to achieve the savings and efficiency initially foreseen when rolling out their Shared Services Center.

 

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