Best Practice: How to Prepare for an Electronic Audit in Mexico
Electronic Audits Necessitate 100% Accuracy
Mexico is making headlines across the globe as it implements real-time electronic auduts in its continued fight against tax evation. Audits will trigger when there are discrepancies between the taxes a company declares and the tax authoriy’s electronic document trail. The penalties are significant, including up to $4K USD fine per invoice and a $200 USD fine for each transaction as well as 80-100% of the imposed tax deficiency.
Download this tip sheet to learn the top four ways Finance teams can prepare for an electronic audit in Mexico so that you can avoid hefty fines and penalties for non-compliance.