Amendments to the Federal Tax Code regarding Electronic digital Tax Receipts (Comprobantes Fiscales Digitales por Internet (CFDI)) and Electronic Accounting
Amendments to the Federal Tax Code regarding Electronic digital Tax Receipts (Comprobantes Fiscales Digitales por Internet (CFDI)) and Electronic Accounting

On June 1, several provisions to the Federal Tax Code, Customs Act, Criminal Code and Federal Act to Prevent and Sanction Felonies regarding Hydrocarbons were published on the Federal Official Gazette. The following is a summary of the most relevant items on the amendments to the Federal Tax Code:

Electronic Accounting

A definition of accounting is established for people who manufacture, produce, process, transport, store, including storage for private use, distribute or sell any kind of hydrocarbon or petroleum product, in addition to the above mentioned, they need to have computer equipment and software available to carry out volumetric controls, as well as expert opinions issued by a testing laboratory, determining the type of hydrocarbon or petroleum product in question, and the octanes, in the case of gasoline. Volumetric controls, in reference to the products this paragraph refers to, are understood as the records of volume, object of their transactions, including inventory, which will be part of the taxpayer’s accounting.

The taxpayers needs to have the computer equipment and software to carry out volumetric controls and make sure that they operate properly at all times, in addition, they need to obtain certificates that demonstrate the correct operation thereof, as well as laboratory reports from personnel authorized by the SAT.

New sanctions.

For electronic accounting purposes, the following are deemed infractions:

1. Failure to make the corresponding entries on transactions carried out; making incomplete, inexact entries, or entries with the incorrect object identification or outside the respective terms, as well as registering non-existing expenses.

2.Failure to issue, deliver or make available to clients, electronic digital tax receipts of their activities in the timeframe established by tax regulations, or issuing the latter without complying with the requirements set forth in this Code, the corresponding Regulations or on the general rules issued by the Tax Administration Service for this purpose; failure to deliver or make available a printed representation of said receipts, when requested by clients, as well as failure to issue the electronic digital tax receipts documenting the transactions carried out with the general public, or failure to make them available to tax authorities when required.

Under the first assumption, the fine will amount to 100 to 150 percent, when the authority is aware that the taxpayer has been condemned under a final judgment of any of the crimes in connection with offering or paying bribes.

In addition, a sanction of 3 months to 3 years of jail sentence will be imposed upon anybody that:

Hides, alters or destroys, totally or partially, accounting books or systems, as well as any documents in connection with the corresponding entries that said person is obliged to keep records of in accordance with the tax laws, or does not keep them.

Creates records with false or inadequate information on accounting, tax or corporate transactions or operations, or keeps false documentation in connection with these entries.

Electronic Digital Tax Receipts (Comprobantes Fiscales Digitales por Internet (CFDI))

Regarding electronic digital tax receipts (CFDI), a clause was added to article 29 of the Federal Tax Code, allowing the Tax Administration Service (SAT), through general rules, to determine the requirements and characteristics that CFDI for transactions with the general public must contain.

In addition, regarding acts or activities whose tax effect does not create the obligation to issue a CFDI, the SAT may establish characteristics for said documents.

Please contact us should you have any questions or comments regarding this topic.