The Tax Administration Service (SAT) has reminded organizations and trusts authorized to receive tax-deductible donations about the importance of submitting the Annual Declaration of Income and Expenses before February 17, 2025, for the 2024 fiscal year. Those who fail to comply with this obligation may face economic sanctions of up to $18,360, emphasizing the need to maintain transparency in the management of received resources.
From this year, organizations that do not audit financial statements must include information about their financial situation and activities in their declaration, data that must be consistent with the accounting records and tax receipts of the organization. This is essential to maintain authorization and ensure transparency in the use of received resources, as failure to comply could result in the loss of authorization and fines.
The Ministry of Finance and Public Credit (SHCP) will report on the income declared by the organizations to agencies such as the Commissions of Finance and Public Credit, as well as the Center for Studies of Public Finances of the House of Representatives. For its part, the SAT calls on civil associations, foundations, and non-profit entities to fulfill this obligation in a timely manner to strengthen trust and transparency in the humanitarian sector.
Donatories are civil organizations or trusts that receive tax-deductible donations, whether in cash or in kind, from individuals or entities both in Mexico and abroad. To obtain authorization as a donatory, it is necessary to meet the regulatory requirements established by the SAT, being non-profit associations pursuing altruistic objectives.
