Important time extensions for taxpayers | KPMG | MX

Important time extensions for taxpayers

Important time extensions for taxpayers

The Mexican Tax Authorities (MTA) are encouraging the taxpayers to comply with their tax obligations. In this sense, below you will find the details of the relevant time extensions related to electronic accounting and informative return regarding relevant transactions.

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New time extension to upload electronic accounting

 

Last April 6, 2015 the Ministry of Finance and Public Credit (SHCP per its acronym in Spanish), published a press release via the Tax Administration Service (SAT per its acronym in Spanish), which grants taxpayers a new time extension to transmit electronically their chart account and trial balance corresponding to the months of January and February 2015.

 

Consequently, the taxpayers have, in principle, until the upcoming April 30 to transmit to the SAT the corresponding information.

 

It is worth noting that this time extension has not been published by the SAT in an official publication that would grant taxpayers full legal certainty. As a result, the current extension terms could be subject to change.

 

Administrative changes that modify the obligations related to the Official Form 76 for Relevant Transaction

 

As a consequence of the recent obligation of taxpayers to present an Informative Tax Return on Relevant Transactions, last March 28, 2015 the SAT published the second draft that modifies the Administrative Tax Regulations for 2015.

 

This second draft includes three significant changes in the presentation of the Official Form 76 for relevant transactions:

 

1. Taxpayers who have not performed any of the relevant transactions contained in the Official Form 76 during the period, are discharged from the obligation to present such form.

 

2. Taxpayers who are not part of the financial sector, who performed transactions under MXN$ 60 million are not required to file the Official Form 76.

 

3. Taxpayers who performed relevant transactions during the tax year 2014 are granted a time extension to present Official Form 76. This time extension grants the possibility of presenting up until December 31, 2015, a unique Official Form 76 which comprises all the relevant transactions undertaken during tax year 2014. Taxpayers who fall under the exceptions mentioned in points 1 and 2 above, do not have to present such unique Official Form 76 for tax year 2014. It is worth noting that this time extension applies solely to the relevant transactions undertaken during the tax year 2014 and does not modify the deadlines set for relevant transactions undertaken during the tax year 2015. Consequently, taxpayers who performed relevant transactions during the first quarter of 2015 must present their Official Form 76 on May 31, 2015.

 

Legal considerations

 

Derived from the new obligations to submit electronic accounting records through the webpage of tax authorities and to provide information regarding relevant transactions, we consider that several violations to Constitutional rights are arising, especially to the right to Legal Certainty. Consequently, we highly recommend to our clients to consider the filing of an Appeal to Constitutional Rights (Amparo) against the provisions regulating these new obligations.

 

In both cases, the Amparo must be filed within 15 working days following the submission of the information to the tax authorities. These new time extensions mentioned above give the possibility to those clients that have not filed the Amparo yet, to consider this new and last opportunity to assess the suitability to file it.

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