At QuAdrans law and finance, a firm of accountants and lawyers, we always seek to keep you updated with the latest information on tax matters. Today we inform you about the Monthly Billing Update regarding VAT
Within the obligations of the taxpayers of the determination and integer of the monthly taxes is the determination of the Value Added Tax (VAT) which is determined by subtracting from the income billed and collected in the month of the payments to suppliers actually paid in the month itself.
In this sense, in the event that taxpayers issue their invoices to their clients and for the activities they carry out and do not actually collect within the current month, and nevertheless the tax receipt is issued stipulating as Payment Method “Payment in a single exhibition” the tax authority (SAT) will consider said amounts as actually collected regardless of the receipt of the collection or not in the taxpayer’s bank statements and therefore it is possible that it determines differences by omission in terms of VAT claiming the entire of the outstanding amounts and subject to the possible imposition of fines.
For the purposes of the foregoing, it is important that at the time of issuing a tax receipt (invoice) it is verified that it has already been effectively collected or it is confirmed with the client that the invoice will be effectively collected within the month, otherwise the Issuance of tax receipts must always be done with the Payment Method: “Payment in installments or deferred” and issue the corresponding payment complement upon receiving the collection of the corresponding invoice, thus avoiding the possible determination of differences by the authority fiscal.
At Quadrans law and finance we will be supporting and advising you so that you can file your monthly tax returns in a timely manner in order to prevent the imposition of fines and other sanctions by the tax authorities.
Despacho de contadores y abogados en Playa del Carmen
