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Electronic Invoicing Laws In Latin America Are Ever Evolving
The rules regarding electronic invoicing (e-invoicing) in Latin America are both constantly changing and different than anywhere else in the world. Brazil utilizes Nota Fiscal, Mexico mandates CFDI, Argentina elects for eFactura while Chile count on DTE. While the laws pertaining to e-invoicing in those four nations share similarities, each country tweaks their e-invoicing laws on a regular basis.
Watch this blog for information highlighting the e-invoice regulations in those four Latin American nations. First up: Brazil.
Current e-invoicing regulations on the books in Brazil will impact several business processes including accounts receivable, accounts payable, freight payables, shipping, inbound receiving, payroll and human resources.
Another legislative change is that by December 2014, all companies operating in Brazil must transition from NFe 2.0 to NFe 3.1. Brazil Nota Fiscal legislation also impacts not only a company’s ability to ship outbound but also their capability of receiving goods at a warehouse.
Under the new law, if your company does not have an automatic contingency process, Brazil will have the authority to shutter your firm’s operations in that nation. As for inbound receiving, the top organizations in Brazil are reducing the cost of receiving trucks at warehouses by more than 40 percent. This reduction has been linked to companies taking advantage of the Brazilian government’s procedures for automated data entry and matching within the SAP system.
Coming in 2015 will be changes to eSocial. The new rules mandate requirements for Human Resource issues and Payroll. In addition, the Brazilian government is transitioning from VAT to Payroll tax enforcement while also encouraging greater transparency in the work environment.