If you have not yet submitted your 2023 annual return to the Tax Administration Service (SAT), we have good news for you, the tax authority issued a extension to deliver this procedure.
Given this, the deadline to submit the annual tax return for legal entities will be next April 3 and not March 31, as I had initially contemplated the SAT.
The reason? The right arm of the Secretary of Finance explained that he gave this deadline due to a provision of the Federal Tax Code (CFF), which establishes that if the deadline falls on a day when the tax office is closed or on a holiday, the date will be extended to the next business day.
In this case, March 31 falls on a Fridaywhich is a business day, so the deadline is moved to Monday and taxpayers They will enjoy an extra day to deliver this paperwork.
Despite this deadline, experts ask legal entities not to wait until the last moment to comply with their tax obligations, although this can be useful in case of any technical problem or interruptions with the SAT internet portal.
What fines can you receive for not making your annual declaration?
The annual declaration is usually a complex process for many taxpayers and some even choose not to do it, which implies being subject to possible sanctions by the Tax Administration Service (SAT).
To determine a sanction, the authorities send an invitation letter to taxpayers via email and if it is not attended to, the next step would be the fine.
For this reason, the SAT website details that the taxpayer who fails with his tax obligations may face two types of fines:
- For not presenting your annual declaration in case you have to do it.
- For each of the unfulfilled obligations.
The penalties for unreported liability are:
- They range from 1,400 to 17,370 pesos.
- For each obligation submitted after the deadline, they may have a fine ranging from 1,400 pesos to 34,730 pesos.
- If the taxpayer is obliged to submit their returns online and does not do so, does so after the deadline or does not comply with the requirements, it may result in a fine ranging from 14,230 to 28,490 pesos.
The fines must be paid in time and form. Otherwise you can become a creditor of additional sanctions.
Remember that not only with fines where you pay money can you be affected in case of delays or errors in your annual declaration, but it is also possible that it will harm your credit history.
What expenses are tax deductible?
According to the tax authority, The following expenses can be deducted:
- Medical, dental, nursing and hospital expenses, including the rental or purchase of devices for rehabilitation, prosthetics, analysis and clinical studies
- Graduated optical glasses for up to 2 thousand 500 pesos
- Payments for health insurance premiums
- Real interest, effectively paid during the year, for mortgage loans for your home
- Mandatory school transport
- Voluntary contributions to the retirement fund
- Local taxes on wages
- Tuition fees (preschool to high school)