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Corporate & Business
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Amendment to Tax Regulations regarding Invoices Jun 2013

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Amendment to Tax Regulations regarding Invoices

In order to mend possible irregularities enclosed in Tax Regulations, on Friday May the 31^st, the Mexican Congress approved the SECOND AMENDMENT TO TAX REGULATIONS FOR 2013 AND ITS ANNEX 3, known as (?RMF-13?), which main objective is to establish a structure that will be the basis for a better and closer communication between the tax authorities and the taxpayers.

The objective of this second amendment is, in the short term, to facilitate the provision consults and monitoring procedures and, in the medium term, the lessening of rules to minimize their number and facilitate their use by taxpayers and tax specialists.

Among the main modifications included in the RMF-13, the following provisions are found:

�?As of January 1^st, 2014, the taxpayers that earn more than 250 thousand pesos per year shall use the Tax Digital Invoice via Internet (CFDI).

�?The use of the Tax Digital Invoice (CFD) is eliminated, which may be used only until December 31^st of the current year.

�?Only taxpayers who earn less than 250 thousand pesos a year may use the printed tax invoice with the Two-Dimensional Barcode (CBB) while supplies last.

�?Taxpayers who initiate their activities in 2013 may not use the option of the printed tax invoices with CBB.

�?When the taxable income exceeds 250 thousand pesos, individuals and legal entities will not be allowed to use the printed tax invoices with the CBB in the subsequent financial years.

Lastly, taxpayers with incomes over 250 thousand pesos a year must issue their invoices, credit notes, fee receipts, leasers or debit notes, through the Digital Internet Tax Receipt (CFDI). The CFDI or electronic invoice sends the time report of the elaboration of each invoice, without distinguishing the value of the commercial operation to the Ministry of Finance and Public Credit (SCHP) in ?real time?, instead of in a monthly basis.

These measures are expected to provide Tax Administration Service (SAT) with better tools to combat tax evasion and contraband.

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For additional information, you may contact any of the members of our Corporate & Business Practice Team.