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Federal Tax Code and Value Added Tax Law Amendments 2014 November 9, 2013.

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Presentation on theme: "Federal Tax Code and Value Added Tax Law Amendments 2014 November 9, 2013."— Presentation transcript:

1 Federal Tax Code and Value Added Tax Law Amendments 2014 November 9, 2013

2 Electronic Tax Mailbox and Federal Taxpayers Registry provision Electronic Tax Mailbox “Buzón Fiscal”: Created to receive and send information to tax authorities Receiving and answering requirements, filing legal remedies, receiving and sending notices, sending information to tax authorities. Notices: For Entities-June 30, 2014, For individuals January 1 st, 2015. Change of tax domicile: Reduced from 30 days to 10 days When authority is auditing and it has not notified the assessment: 5 days. If not found: the notice will be considered invalid.

3 Tax refunds 40 days for obtaining a tax refund regardless the fact that the company opts to file the annual report on financial statements or uses CFDI. Receiving and answering request through the electronic tax mailbox.

4 Accounting Records A more detailed list of the elements that integrate the “accounting records”, including the devices for storing data. Electronic accounting records registries must comply with the rules issued by the tax authorities. The information of the accounting records must be sent to the authorities monthly through the SAT’s web page.

5 Tax invoices General application of electronic invoices through internet. Certificates of Digital Seal could be revoked when taxpayers fail to file three consecutive tax returns or six not consecutive tax returns, previously required, the taxpayer is not found in its domicile, or certain misconducts are committed. Rules related to the issuance of invoices by taxpayer’s own means to be ruled by tax authorities.

6 Joint liability for payment of contributions. Liability of partners: -Prevails the corporate veil except for the cases previously provided in the law. -Rules to determine the amount of each partner’s liability. -Only for those that have the effective control of the company. Including the definition. Liability of executors (Estate)

7 Annual Tax Report and informative tax return Prevails the annual tax report but as an option to be exercised by taxpayers individuals with entrepreneurial activities and companies with income exceeding $100 million pesos or assets exceeding $79 million pesos. Informative annual tax return related to the tax compliance is mandatory except if the taxpayer has opted to file the annual tax report.

8 Auditing powers of tax authorities Rules related to the order of application of enforcement measures and especial rules related to seizing bank accounts. Power exercised through the electronic tax mailbox Electronic reviews Tax authorities shall give notice of their findings to the direction bodies of companies.

9 FATCA provisions for financial and Exceptions to the Fiscal Secrecy obligation Financial entities are obliged to obtain information related to tax residence, tax domicile, tax identification number, CURP. Information related to taxpayers that has tax credits pending of payment, or not guaranteed or forgiven, or condemned for criminal offenses will be published in the SAT web page.

10 Conclusive settlements During the exercise of tax powers and before the issuance and notification of the assessment. Possibility to obtain for one occasion the forgiveness of fines (100%). With the intervention of the Taxpayers’ Ombudsman body (Procuraduría de la Defensa del Contribuyente.).

11 Sanctions and criminal law Sanctions for not demonstrating operations in connection with invoices issued by suppliers. Criminal Law To be considered responsible for tax criminal offenses independent services providers advising conducts that are considered criminal offenses. Criminal offense using the name or data of other taxpayer for import tax returns.

12 Administrative appeal, notices and guarantees Reduction of the term to file the administrative appeal (recurso de revocación) of 30 days and therefore the posting of a guaranty. Personal notices, certified courier notices and electronic mailbox notices have the same category. Regulations about precautionary seizure of bank accounts when the tax interest is not duly guaranteed.

13 Value Added Tax Law Tax rate homologation for the border zone Application of the 16% Transitory provisions. Elimination of withholding made by maquiladoras, and enterprises in the terminal automotive, auto-transportation or auto parts manufacturing industry to national suppliers. 0% rate limitations.

14 Transfer of goods Elimination of exemption - In transfers of ownership of goods made by foreign residents: To Maquiladoras or companies in the terminal automotive, auto-transportation vehicle, or auto-parts manufacturing industries for assembling into bonded manufacturing warehouse. - In transfer of ownership of goods under the strategic bonded warehouse.

15 Rendering of services Elimination of exemptions: -To public land passengers interstate transportation. Inclusion of exemption of interest paid or collected by Savings and Credit Cooperative Societies and other societies referred in the Law for Popular Saving and Credit.

16 Imports Elimination of the exemption granted to: -Imports made on temporary basis for goods -Destined to maquila programs, bonded warehouse for assembling and transformation process of vehicles, manufacturing, transformation or fixing in fiscal warehouse and strategic bonded warehouse.

17 Imports The final importation of such merchandise will be exempt if the tax was paid when imported on temporal basis and is made by the importer. Such companies importing on temporary basis have a tax credit of 100% of the tax if they obtain a certification of complying with the provisions of control of merchandise. In force after a year of the publication realted to the rules of certification.

18 Imports The tax paid with such credit will not be creditable. Such taxpayer can opt to provide a guaranty of the tax interest instead of the tax credit of 100% of the tax if they obtain a certification of comply with the provisions of control of the merchandise.

19 Export of Goods and Services and accidental acts International air transport services of cargo is also included as 0% rated. Elimination of 0% for Hotel accommodation and related services rendered by hotel companies to foreigners for congress, forums, etc. Notaries, brokers and other functionaries involved in the formalization of transfer of immovable property (buildings) subject to VAT made occasionally, must issue a tax receipt related to the tax withheld.


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