The Tax Administration Service (SAT) from Ministry of Finance and Public Credit (SHCP) It has the objective of reducing tax evasion rates and collecting taxes from taxpayers in order to contribute to the country’s wealth and contribute to public spending. In this way, some taxpayers must complete the annual tax return process.
In order to avoid mishaps and be subject to fines, taxpayers will have to complete the process between April 1st and 30th in the case of natural persons; while legal entities may make their declaration from March 1 to 30, 2022.
On the contrary, They may be creditors of fines ranging from 12 thousand 640 pesos to 25 thousand 300 pesos. In addition, people who do not meet the deadline to file their tax return will incur a crime of tax fraud.
The SAT enabled a series of alternatives aimed at facilitating compliance with tax obligations. In this regard, the treasury has published various tutorials on its official channel of YouTube, which are focused on resolving doubts from taxpayers. Another of the tools provided by the Service is the final and final tax payment simulator, which can be used by this link.
This tax return must be filed by natural persons with incomes greater than 400 thousand pesos, including salaried workers who are on payroll. Taxpayers who received interest on investments will also have to comply with this obligation.
The declaration It will also apply to workers who received money from different salaries, for example, those who worked for two or more employers simultaneously, as well as those who obtained compensation or retirement income.
What’s more, all taxpayers will be able to make deductions for personal expenses such as: medical expenses, donations, funeral expenses, mortgage interest, retirement insurance, health insurance premiums and tuition for elementary, middle and high school education levels.
It should be remembered that the maximum that you can deduct corresponds to 15% of the taxpayer’s income or the equivalent of 5 times the Annual Measurement and Update Unit (UMA), which corresponds to approximately 175 thousand pesos.
The SAT indicated that the platform will already have taxpayer data preloaded to facilitate the entire process. You only have to enter with your Federal Taxpayer Registry (RFC) on the SAT portal. By viewing the preloaded data, you can accept or decline the declaration and generate the payment format to pay the corresponding taxes.
In case of presenting an economic debt to the SAT, the taxpayer must submit the tax return that is due, whether annual or interim payments (monthly). Subsequently, a format will be generated, which must be filled out to send it and thus obtain the capture line to make the payment, either by digital banking or in any of the options granted by the SAT.
If the case arises of not owing anything to the institution, sending the declaration will be enough to regularize the fiscal situation. Also, at that time, the SAT can detect when expenses are greater than income and generates a “Fiscal Discrepancy”, therefore, through an official letter, invites taxpayers who are in that situation to register in the Federal Taxpayer Registry (RFC) to start paying taxes, as well as to declare the tax situation of up to five years ago.