The new instrument the SAT relies on, the ONESOURCE platform, will be used to facilitate the audit of enterprises with foreign transactions and the agreement for its use is for the next five years.
MEXICO CITY.- The Mexican Tax Administration Service (SAT) relies on a new electronic tool with which it will be able to automate data collection worldwide, and thus, establishing and comparing transfer pricing more accurately, which will contribute to the improvement of audits made electronically.
This new instrument was adopted, after a year and a half of negotiations with Thompson Reuters to use the ONESOURCE platform. The same one used by the IRS in the United States and Taiwan.
Ricardo Castro, tax and solutions consultant at Thomson Reuters Mexico explained that the adoption of the platform is in tune with the worldwide homologation of tax standards promoted by the OECD.
‘’There is the tendency to homologate regulations in general, the solution meets the international requirements of the OECD to be more related to tax analysis and forecast worldwide. For this purpose, this international organization proposes 15 action plans to be more involved in this homologation’’, said the specialist.
The team that was trained to use the platform is made up of 50 persons, who work in the Control Administration of Transfer Pricing (Administración de Fiscalización de Precios de Transferencia), which is part of the General Administration of Large Taxpayers (Administración General de Grandes Contribuyentes). Generally, this platform will be used to ease the auditing of companies with foreign transactions. The agreement for the use of this instrument is for the next 5 years.
From anywhere around the world, the platform user can search for information of comparable transactions, to those of the enterprise they audit. Similar rates the taxpayer can include in a determined moment. The main objective is to automate the crossover of transfer pricing related information for its analysis, this kind of practice is seen as a trend in the coming years, said Castro.
Original in Spanish. By: Dainzú Patiño. From: El Financiero. http://www.elfinanciero.com.mx/economia/sat-tiene-nueva-herramienta-para-auditorias-electronicas.html