Nowadays we are well and truly in the digital age, and this has not gone unnoticed by the Mexican authorities. The Mexican tax department in particular has realized that digital technology gives it more control over tax payers’ actions and behavior, therefore if you have decided to invest in a property in Mexico and are renting it as a vacation home on a digital platform such as Air B&B, selling merchandise on websites like Amazon, or need to set up a corporation here, it is imperative you keep your accounting in order otherwise you may face fines and unwanted attention from the taxman. This is where our team of Mexican accounting experts at Mextax can help you keep your books in order and keep you abreast of the latest digital requirements.
Electronic invoicing is now the norm, and as part of the Mextax accounting services in Mexico we can keep you up to date with the latest developments, such as having to register the names and addresses of the persons both issuing and receiving the invoice, filling in information on any merchandise for export, identifying operations that might be subject to indirect taxes and in general making sure all required information is registered.
Our Mextax experts can show you that to obtain electronic invoices, you must first:
- Obtain a federal registration for taxpayers (Registro Federal de Contribuyentes or RFC) and register with SAT to issue electronic invoices.
- Obtain an Electronic Signature (Firma Electrónica Avanzada or FIEL) from SAT.
- Obtain a Certificate of Digital Stamp (Certificado de Sello Digital or CSD) from SAT.
- Use an Authorized Certification Provider (Proveedor Autorizado de Certificación or PAC) for the validation, folio and digital stamp.
Our Mextax accountants can also advise you on how to cancel invoices correctly and avoid fines. As of 2022 the reason for cancelling an invoice must be stated, if an invoice is cancelled due to a mistake in the information given, there must be a connection between the cancelled invoice and the one substituting it, and new time limits have been introduced for cancellations. Invoices can only be cancelled during the fiscal year in which they were issued. When issuing electronic invoices, you must keep track of the invoices issued, by storage or backup of digital vouchers, so as to have on hand any clarification required by SAT in the future.
Our Mextax experts not only give you advice on these new regulations but also ensure that all your invoices are issued or cancelled properly, helping you avoid the pitfalls of receiving fines and enabling you to enjoy doing business here in Mexico.