Moral persons must comply with the annual declaration this month

Until March 31 is the deadline for legal entities to submit their annual declaration to the Tax Administration Service (SAT), however, despite the fact that there are more than 15 days left until the end of the month, it is suggested to companies take the time necessary to avoid setbacks.

Virginia Ríos Hernández, member of the technical commission and fiscal investigation of the College of Public Accountants of Mexico, told El Economista that the most important thing to present the annual declaration is to collect all the necessary data to enter the information in a single attempt to the system of the sat.

One factor that could cause delays for corporate taxpayers are the new requirements that the tax authorities are requesting.

The member of the college specified that for this year the authority is requesting a statement of changes in stockholders’ equity and a statement of financial flows.

These were not requested before and since a comparison of 2022 against 2021 is requested, legal entities must have them ready to be able to capture the information. Since this information is not known to the SAT, it does not come preloaded,” said Ríos.

The expert in tax matters considered that the information preloaded by the SAT is around 60%, before which the taxpayer must have the necessary time to provide the corresponding additional information.

unfriendly system

Another edge that could cause problems for taxpayers is the application, that is, the portal for the procedure, since it is not user-friendly this year, said Ríos Hernández.

“(The system) in relation to last year is not friendlier because they are asking for more information (…) Some taxpayers do not have that information ready, although they should have had it because it is accounting,” he explained.

The interviewee suggested that legal entities pay due attention to the losses of previous years because the system sometimes does not recognize it. As well as the utility coefficients.

Data from the SAT Tax and Management Report reveal that there are more than 2.3 million legal entities registered in the taxpayer register at the end of 2022.

Statements from last year

The authority specified in its report that only by taking into account the annual declarations corresponding to fiscal year 2021, 920,598 legal entities presented their annual Income Tax (ISR) declaration, which represented an increase of 5% compared to those delivered a previous year.

“Thanks to the compliance of legal entities, in the annual declaration in 2022, the ISR collection exceeded by 200,346 million pesos what was programmed in the Federation Income Law (LIF),” the collecting body specified.

The ISR collection reached an amount of 2.27 trillion pesos, which represented 8.0% of the Gross Domestic Product in 2022. In addition, it registered the highest growth since 2016, with an annual rate of 11% in real terms.

Meanwhile, when including in the sum the annual declarations of all the exercises, 1 million 268,515 companies submitted information to the SAT during the past year.

santiago.renteria@eleconomista.mx