What is the Tax Opinion? Benefits of present it
The Tax Opinion is the interpretation of the financial statements that, as taxpayer, help you to realize the fiscal dispositions to which you are obliged to comply; this opinion is presented only by a Public Accountant duly authorized by the Ministry of Finance and Public Credit.
The Tax Opinion is of great acceptance and credibility in the business, financial a fiscal sector.
The Tax Opinion from the reform of 2014, stopped to be mandatory and now it is optional, but only for naturals persons with business activities and moral persons, who meet the following requirements:
- Have cumulative income of more than $109,990,00.00 pesos.
- Possess an accumulated asset in excess to $86,892,100.00 pesos.
- They’ve registered at least 300 workers who presented services in each of the months of the year to be audited.
To present the Tax Opinion, the taxpayers must choose this alternative in their annual declaration of Income Tax (ISR).
The taxpayers who present their Tax Opinion aren’t required to present the Informative Statement on their Tax Status (DISIF), as well as those who have income equal to or more than $708,898,920.00 pesos for the ISR, commercial companies, parastatal entities of the federal public administration, the moral persons resident abroad with a permanent establishment in the country or moral persons resident in Mexico that operations realize with foreign residents.
Differences between Tax Opinion and DISIF
The Tax Opinion is signed by a Certified Public Accountant (CPC), on the contrary the DISIF is signed by the taxpayer himself. The Tax Opinion is a document that has legal validity, and doesn’t only serve as a mechanism of collection and inspection, it also provides certainty brings over of the numbers contained in it, since they are prepared in accordance with the Financial Information Standards (NIF).
*The Opinion of the taxpayer can only be reviewed once, unless it is a review of facts other than those already reviewed.
When choosing to report financial statements, during the review they can detect and correct in time and form, all those mistakes in the accounting records or in the calculations and procedures of tax obligations that you have as a taxpayer.
At the beginning of this year, annex 16-A of the Miscellaneous Fiscal Resolutions was published in the DOF, which contains the integration and characteristics instructions, guidelines for the presentation of the Financial Statements Report for tax effects and the questionnaires related to the review carried out by the Public Accountant.
This annex is applicable to the following opinions:
- Controllers and controlled companies.
- Insurances and surety institutions.
- Banks.
- Stock exchanges.
- Controllers companies of financial groups.
- Compliance with fiscal obligations of permanent establishments of resident’s abroad.
- Integrator and integrated societies.
It is recommended that, if you are in conditions to do it, present the Tax Opinion.
