On December 2016, the Tax Administration Service of Mexico (SAT) announced the specifications for the use of the new complement of the Digital Tax Ticket for Internet system (CFDI) for the receipt of payments. Our local expert offers a summary about the requirements and the main changes.
Version 1.0 of the CFDI complement for receipt of payments will be effective as of July 1, 2017. The purpose of using it is to simplify the tax compliance process and achieve better tax control.
The specifications are based on rule 2.7.1.35 of the Third Resolution of amendments to the Fiscal Miscellany 2016, which states that:
- the payment receipt complement must be used mandatory in all sales operations and collections in installments. It will be necessary to issue an electronic invoice for all the operation. Taxpayers will have to issue a CFDI for each of the income they receive. The maximum period to generate this receipt will be the 10th day of the month following the date on which the receipt was received.
- transactions settled in a single payment that used commercial credit granted by the same providers will be monitored. Taxpayers must also issue, in these cases, the CFDI receipt.
Main changes and benefits
These are the main changes and benefits that will be controlled with the use of the payment receipt complement:
- elimination of duplicate income in payments for partial payments
- suppliers cannot cancel invoices inappropriately
- providers will not be able to void the invoices that have already been paid, allowing taxpayers to deduct the tax totals correctly
- the payment capture process will become automatic, speeding up the task and preventing human error.
The Mexican tax authorities and other Latin American countries are increasingly seeking to achieve greater efficiency with the use of electronic tools such as CFDI or electronic audits, and checking banking, business, tax, customs, etc. information related to companies. This is why it is essential for companies doing business in Mexico to have local experts to assist them in the development, implementation and monitoring of compliance activities in relation to all the changes and regulations that are implemented in the country.
Contact our experts in Mexico for more information.