Last December 4, 2014, the SAT (Mexican Administrative Taxation System) website published the Seventh Resolution of Amendments to the Miscellaneous Tax Resolution for 2014 and its Appendices 3 and 24. Among the amendments published, we can highlight the changes related to electronic accounting that clarify in detail the previous publication through the Revenue Act for 2015.
The most significant changes regarding electronic accounting are as follows:
o Institutions included in the financial system
o Taxpayers whose cumulative revenues in fiscal year 2013 were over 4 million Mexican pesos
o Taxpayers whose cumulative revenues in fiscal year 2013 were less than 4 million Mexican pesos
o Taxpayers included in the primary sector
o Not-for-profit legal entities
o Taxpayers who register for a tax ID during fiscal years 2014 and 2015.
o The chart of accounts will be sent for the first time when the first trial balance is sent.
o The monthly trial balance will be sent no later than the first 3 days of the second following month. In this regard, the first trial balance to be sent shall be no later than March 3, 2015.
o Taxpayers must include the detailed vouchers in their accounting. However, they are to be sent only upon request from the authority or when favorable balances are to be compensated or a refund thereof is requested.
The above changes will become effective on the day following their publication in the Federal Official Gazette. As of the day of this communication, they have not been published.
The team of specialists at MXGA is duly trained to support you with any doubts related to the recent tax changes.