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FEDERAL TAX CODE CFDI CANCELLATION
Tax receipts can only be cancelled during the tax year in which they were issued, as long as the person on whose behalf they were issued accepts their cancellation. The reason for this cancellation must be justified and supported with documents. A cancellation after the deadline will result in a fine of 5-10% of the amount of each CFDI canceled inappropriately.
CFDI FOR REFUNDS, DISCOUNTS OR BONUSES
They cannot be issued to cancel income CFDIs, otherwise, they will not be deductible. Refunds, discounts or bonuses must be justified and documented before the tax authorities.
SUSPENSION OF DIGITAL STAMPS
SAT will update the economic activities and obligations of taxpayers when there is a discrepancy between the description of the goods, merch, services or use or enjoyment indicated in the cfdi and the economic activity registered on the rfc.
Simulation of the provision of professional services will result on the same penalty as a tax fraud (crime).
SAT may deprive of effects the cfdi issued by a taxpayer when it supports operations carried out by a third party.
The following goods can be seized, including through the electronic tax mailbox:
Financial statements must have the opinion of a certified public accountant, in the case of entities that pay taxes under Title II of the Income Tax Law and that have earned cumulative income higher than $1,650,490,600 in the immediate past financial year.
Tax authority should also be informed when, after the preparation of the opinion, it appears that the taxpayer has not complied with tax or customs provisions, or has carried out a conduct that may constitute a tax crime. In case of not making it, the accountant is responsible for concealing tax crimes.
Income Tax Law
EXCHANGE RATE
The exchange profit and loss must not be less or higher, respectively, than what would result from considering the exchange rate to settle obligations denominated in foreign currency to be paid in Mexico established by the Bank of Mexico
UNCOLLECTIBLE ACCOUNTS
taxpayers must obtain the final resolution issued by the competent authority, demonstrating that collection efforts have been exhausted or, where appropriate, that it was impossible to enforce the favorable resolution.
INVESTMENT DEDUCTION
The initial investment amount (MOI) must include expenses related to the preparation of the physical site, installation, assembly, handling, delivery, fees to customs agencies and/or services incurred to operate the investment; therefore, these items cannot be considered as expenses in the fiscal year in which they are disbursed.
FIXED ASSET UNREGISTER
A notice must be submitted regarding assets that are no longer useful for generating income, in addition to keeping them with a value of one peso in the accounts.
Value Added Tax Law
ACTS OR ACTIVITIES NOT SUBJECT TO VAT
Acts or activities not subject to VAT are those that are not carried out in national territory or that are different from the alienation of goods, the provision of independent services, the granting of the temporary use or enjoyment of goods and the importation of goods.
IMPORT VAT
The customs request must be on behalf of the taxpayer who intends to prove the tax paid on importation.
These issues will be discussed in more detail in another newsletter.