Tax News No 1 – January 2024

Tax News No 1 – January 2024

SAT Implements Enhancements for Filing the 2023 Annual Declaration for Legal Entities

On January 4, 2024, the Tax Administration Service (SAT) released statement 002/2024, announcing that from January 1 to April 1, 2024, legal entities can submit their Annual Declaration for the 2023 fiscal year. To streamline compliance with this obligation, SAT reported updates and improvements, including:

  • Non-visualized tax losses for amortization from 2013 to 2021 can now be added to the form.
  • Inclusion of the first and second update of tax losses for amortization if generated in the immediate preceding fiscal year.
  • Elimination of financial statements: “Statement of Cash Flows” and “Statement of Changes in Shareholders’ Equity.”
  • Preloading of information from remaining financial statements presented in the immediate preceding fiscal year.
  • Addition of the immediate deduction of investment provided in the Relocation Decree, published in the Official Gazette on October 11, 2023, and tax benefits granted to taxpayers in areas affected by Hurricane Otis in both General Law Regime and Simplified Trust Regime (RESICO) forms.
  • Reduction of the printing format to facilitate the identification of certain applied deductions.
  • Renewal of the format of financial statements to provide greater certainty when viewing taxpayer data generated in the Annual Declaration.

The statement 002/2024 emphasizes that an electronic signature (e-signature) is required for filing the declaration. Taxpayers must also be up to date with provisional payment declarations, income tax annual declarations (ISR) from previous years, declarations of withholdings for payments made through leases, fees, RESICO of individuals, wages and salaries, assimilated income, and dividends.

Additionally, it is noted that legal entity taxpayers must have electronic banking services. If there is a balance due, it must be paid via electronic transfer through their preferred bank.

Finally, the link to the statement, confirmed through SAT’s social media, is provided for consultation:

Feel free to reach out for any questions or clarifications regarding this publication.

 

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January 2024

Mexico City, Mexico

https://www.gob.mx/sat/prensa/sat-implementa-mejoras-para-presentar-la-declaracion-anual-2023-de-personas-morales-002-2024

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