Dear clients and friends:
The objective of this bulletin is to provide you with information related to the new functionalities enabled for the application of final payments of Value Added Tax (VAT) published on the portal of the Tax Administration Service (SAT) on February 1st, 2024 (applicable starting January 2024) for entities.
The SAT aims to simplify compliance with tax obligations, tracking cash flow and making the calculation more precise, as well as identifying possible differences or atypical operations through the different electronic documents and technologies that have been enabled for taxpayers.
The main changes are the following:
- The system will have pre-loaded information on the Internet Digital Tax Receipts (CFDI) with PUE code (payments in a single installment), the PPD (partial or deferred payments), as well as the payment complements (electronic payment receipts). ) and with a cut-off date determined by the authority.
- It will have a new tab in income and expenses that will provide information on the: tax base, discounts, VAT rates, cancellations and acts or activities not subject to VAT.
- The amounts of the information preloaded by the system may be modified to make the pertinent adjustments, and with the possibility that this will change in the coming months.
- You must have a current Electronic Signature (e/Firma) to send the tax return.
In order to reduce tax risks, it is recommended that you consider the following:
- Have a program that allows you to download and analyze the CFDI, as well as the complements, so that you have the same information as the SAT.
- Keep track of your CFDI and update their status.
- Request payment supplements from your suppliers.
- Issue your payment supplements no later than the fifth calendar day of the following month in which you received the payment.
- Have a reconciliation between work papers, accounting and your CFDI.
- Carry out a review of the CFDI issued and received to avoid and correct errors in the aforementioned receipts.
- Review of the lists of articles 69 and 69-B of the Federal Tax Code (CFF) that are published on the SAT webpage.
- Have procedures for downloading and analyzing CFDI and payment complements.
- Take advantage of these recommendations to guarantee that, in the event that the authority decides to use its audit faculties, the entity has the receipts and supplements in order, at least for the last five years.
Finally, we would like to comment that there is no guide regarding the new application so you must be aware of the communications issued by the authority, as well as be aware of the problems that may arise with the recent changes.
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As always, we are at your service for any clarification, questions or support you may require in order to correctly comply with your tax obligations.
The purpose of this bulletin is to inform about the most important publications on tax matters, without intending to present the opinion of our Firm on the aspects discussed; each case must be carefully analyzed to conclude on the correct interpretation of the provisions discussed here.
