The Mexican tax authority has announced various modifications and additions to the rules surrounding electronic accounting; our local experts give an overview.
Mexico's Tax Administration Service (SAT) has indicated it intends to make changes to the Tax Federal Code art. 28 / Rule I.188.8.131.52; I.184.108.40.206; I.220.127.116.11 & I.18.104.22.168.
Although the various modifications and additions to the rules surrounding electronic accounting outlined here have not been published by the Mexican government, their imminent approval is highly likely as they have been announced by the SAT via its website. The announcement also contained other amendments to Annex 3 and Annex 24 which relate to the Chart of Accounts and the Grouping code.
This refers to any records which are kept in electronic systems and are capable of generating xml files that are uploaded to the authorities on a regular basis.
Taxpayers must be able to generate the following files for submission:
- Chart of accounts
- Monthly trial balance
- Year-end trial balance
They must also generate monthly journal entries, but the format is still under discussion. One opinion mentions that monthly journal entries should be delivered only when: SAT excise is proved faculties directly to taxpayer or third party, or the taxpayer requests a refund or makes an offsetting; the other one mentions that journal entries should be delivered on monthly bases.
How must accounting information now be submitted?
The information must be filled in compressed files (zip) through the Tax Mailbox, in the menu “Electronic Accounting.”
||Initial period to file “chart of accounts” and trial balance
|Corporation and individuals showing in 2013 corporate income tax return accumulative income equal or over 4 million pesos
||January 2015 (a)
||No later than the first 3 to 5 days of the second month after the month for which corporations and individuals are reporting. Therefore, the information of corporate taxpayers related to January 2015 must be filed on 3 March 2015, the one from February 2015 must be filed on 3 April 2015 and so on.
|Corporations and individuals showing in 2013 corporate income tax return accumulative income under 4 million pesos
|Corporations and individuals from primary sector who chose to file semi-annually, and non-profit organisations, as well as corporations and individuals registered (RFC) in 2014, 2015 or 2016
Taxpayers listed on the stock exchange and its subsidiaries will need to file their monthly trial balance as below.
|January, February, March
||3 May 2015
|April, May, June
||3 August 2015
|July, August, September
||3 November 2015
|October, November, December
||3 March 2016
Download Annex 3 and 24 for further information