Taxes are paid for various items. These payments have to be made in a timely fashion so that tax declarations are kept in order. Taxpayer money is one of the most important sources of government revenue. But it is also important as it is later used to fund sectors such as education and healthcare.
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Key elements to include on your tax declaration checklist:
- Monthly nominal income must coincide with the total amount reflected on the sales invoices.
- Sales and purchase invoices must include all of your personal information, including your Federal Taxpayer Registry Code (RFC) and the invoice line items.
- Tax withholdings must be reported.
- The creditable Value-Added Tax (VAT) must match the products or services eligible for a refund.
- The calculations on the tax declaration should be accurate. If you observe any irregularities, you must ask your accountant or financial advisor to check them for you.
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The payment of taxes is mandatory, as established in the Mexican Constitution. In Mexico, there are several types of contributions other than taxes, and they are all regulated under a specific law.
Once you have filed your taxes at the Tax Administration Service’s (SAT) online platform, you will be automatically notified of any inaccuracies or aspects that need correction.
At QuAdrans Law and Finance, we offer tax and accounting advice to keep you informed on the most important changes that might be of concern to your company. Our experts will provide you with a customized and effective service. Contact us.
