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In a recent interview the CNN Expansion, Aristoteles Nunez, the head of the SAT, stated that they will start to deploy electronic audits starting in the second half of 2016. This is a move that I have been discussing for the last 5 years and even more so in the last 12 months. Following a path similar to Brazil, Mexico is now in a position where more than:
In other words, the Mexico SAT now has the automation, data and linkage of data to reports to start performing audits electronically. Currently, the Mexico SAT is averaging 45,000 audits annually. Starting in the summer, the SAT looks to transition upwards of 4,000 of those audits to electronic means by comparing the data reported within eAccounting reports to the transaction data contained within the XML archives. As this process unfolds, think of the scalability – the number of audits based on comparing electronic data will rise over the next 12 months, and in my view surpass the current number of physical audits. What if the Mexico government could audit all tax payers through Big Data? This is the path forward and a reality for all who operate within the country to manage.
As fiscal data custodians and end users, there are a few best practices you should be following now that the SAT is making the eAudit public:
The government is utilizing standardization and automation to collect their revenue which just happens to be taxes. And the eAudit warning has been given. The question is how seriously will you take this and what solutions are you implementing to defend your tax deductions in Mexico.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
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