Freight Technologies’ Fr8App Prepares for CFDI 4.0 in Mexico

Freight Technologies, Inc. (Nasdaq: FRGT, Fr8Tech) is a technology company developing solutions to optimize and automate the supply chain process and providing a platform for B2B cross-border shipping in the NAFTA region. Fr8Tech’s wholly owned Mexican subsidiary, Freight App de Mexico, SA de CV, is on schedule to automate alignment with CFDI 4.0, a legal requirement for companies that are registered to Mexico’s Tax Administration Service (SAT). Fr8App’s footprint in Mexico is extensive, providing only the foremost service to their clients and suppliers through technology.

Javier Selgas, CEO of Freight Technologies and Fr8App, said “We are on schedule to be prepared to support our clients with the new tax requirements by July 2022 and we will help our clients comply with this essential fiscal reporting requirement, which will allow us to reinforce our business relationships in Mexico. By addressing complex tax compliance issues with technology and automation, we increase the value-added nature of our services for anyone that requires CFDI compliance. We believe that smaller carriers can’t afford to develop these solutions in a timely way on their own, so our ability to provide them with an automated tool increases our value proposition for them. “

CFDI 4.0

CFDI 4.0 is the new version of the Internet Digital Tax Receipt, which will be used by taxpayers to issue their electronic invoices, replacing the previous version (CFDI 3.3). Reporting all transactions using the CFDI 4.0 standard was initially set to be mandatory as of July 2022, but the tax authorities granted an extension to January 2023. The new 4.0 version includes fields to identify the operations where there is an export of goods, identifies if the operations covered by the receipt are subject to indirect taxes and it incorporates new sections to report information regarding operations with the general public; as well as those that are made on behalf of third parties. Non-compliance could result in fines or halting of deliveries with non-compliant paperwork.