Since 2011, the Mexican government has instituted a mandate on electronic invoicing nationwide. In order to comply with the Mexican treasury department, all companies with over MXN 4,000,000 of annual income must generate and store officially approved CFDIs (Comprobante Fiscal Digital a través de Internet). This sounds complex; Tungsten Network makes it easy.
Companies that may have hesitated to enter the market due to the cost and complexity of meeting government regulatory requirements and paying suppliers can now meet these challenges, while reaping significant rewards they can also share with their suppliers.
The CFDi requires an authorized certification provider (PAC) to stamp each invoice through the Internet. The PAC has authorization from the SAT to validate the CFDI generated by taxpayers, assign the UUID, and incorporate the SAT digital seal. PACs also have the obligation to send a copy of the validated CFDI to the SAT. There are currently 78 PACs in Mexico. These companies are regulated by the SAT. PACs then report the invoice to the Mexican Government within 72 hours of creation.
For more information about global e-invoicing in Mexico, please download our informative whitepaper.