The annual tax return is a mandatory requirement that all individuals and companies must file with the Tax Administration System (SAT) .SAT).
This must be done in due time and form, otherwise taxpayers will have to pay extra taxes or even generate fines.
Previously we talked about how to file the annual tax return for individuals, but this time we will focus on corporations.
What is the annual statement?
The annual tax return is a tax obligation where you present a summary of the income and deductions you obtained during the year.
With this data, the annualIncome Tax (ISR) to be reported to the Tax Administration Service (SAT) is calculated , which may result in an amount payable or in favor.
The SAT sets the last day of April as the deadline for filing the annual tax return, and, as last year, we can file it completely online from its web platform, of which we leave you the link:
https://www.sat.gob.mx/personas/declaraciones
Who is required to file an annual tax return?
The taxpayers obliged to file the annual tax return are those who carry out any of these activities:
- Professional Services
- Business activities
- Persons who collect rent from a real estate property
- Persons who purchased an asset
- Taxpayers who had 1 or more employers
- Individuals whose salary exceeds 400,000 Mexican pesos.
- Individuals who received a salary from foreign companies
- In case of having received compensation or retirement concepts
- Those who collect rents or have sold a property
Which cases are exempt from filing your annual return?
If we again quote Article 150 of the Income Tax Law (LISR) we have that:
"They may choose not to file the return..., individuals who only obtain accruable income in the fiscal year for the concepts indicated in Chapters I and VI of this Title, the sum of which does not exceed $400,000.00, provided that the income from real interest does not exceed $100,000.00 and on such income the withholding referred to in the first paragraph of Article 135 of this Law has been applied."
Therefore, if your income during a year was less than $400,000 pesos, you may not file it. Although, of course, doing it anyway may result in a favorable balance, so the SAT will return you the amount of such balance in favor.
Steps to file your annual tax return
Believe it or not, in 3 steps you can create your annual tax return summary. A lot depends on gathering data, and having all your documents in order.
- Enter the official SAT portal and log in with the RFC and password, to enter you can access in this link.
- Go to the declarations section; verify that the information is correct.
- Sign the declaration with the E-Signature and click on "send".
The system will provide you with the acknowledgments and a receipt that will tell you if you have a credit balance or if not, you will have to pay the SAT.
What are the penalties for not filing the annual tax return?
Corporate taxpayers, as well as individuals, who fail to file their annual tax return, which is part of their tax obligations, could face two types of fines:
The first is for failure to file the annual tax return for a given fiscal year.
The second can be divided into multiple penalties for failing to comply with their obligations such as:
- Pay an economic amount ranging from 1,400 pesos to a minimum of 17,370 pesos.
- For each obligation filed after the deadline, or for failure to comply with requirements, a fine for failure to file the Annual Tax Return may be imposed, ranging from 1,400 pesos to 34,730 pesos.
- If the taxpayer is required to file its returns online and does not do so, does so after the deadline or does not comply with the requirements, it may result in a fine ranging from Ps. 14,230 to Ps. 28,490.
- Fines must be paid in a timely manner. Failure to do so may result in additional penalties.
So you know, get ready because as they say: "Time is flying by" so that "you don't miss the hare".
Would you like us to discuss the steps to follow in more depth? Write to us in the comments.
See you next time!
