The Tax Administration Service (SAT) has highlighted the importance of complying with the annual tax declaration and has reminded taxpayers that failure to meet this obligation can result in considerable fines. According to Article 82 of the Federal Tax Code, those who do not submit their declaration on time and properly could face initial penalties exceeding 22 thousand pesos for each undeclared tax.
In case of receiving a request from SAT to submit the annual declaration and ignoring it, the initial fine amount doubles, rising to almost 45 thousand pesos. It is important to note that these fines can represent a significant amount of money, equivalent to several months of minimum wage.
For this year, taxpayers have specific deadlines to comply with the annual tax declaration. Legal entities or businesses must submit their declaration by March 31, while individuals have until April 30. It is relevant to mention that even employees who have received incomes exceeding 400 thousand pesos or who work for two or more employers must comply with this obligation.
The College of Public Accountants of Mexico (CCPM) offers some key tips to facilitate the annual declaration process. They recommend having a list of income from the last year and invoices in the taxpayer's name to apply for personal deductions. Moreover, it is necessary to have a bank account with an interbank key (CLABE) to request a tax refund if applicable.
It is essential to thoroughly review the pre-filled information in the declaration, verify that it is correct, and correct any errors identified. In case of doubts, it is advisable to seek advice from a certified accountant or visit the College of Public Accountants of Mexico for specialized guidance in the tax compliance process.
