Fines for Failure to File Annual Declaration
The period for submitting the annual declaration of natural persons exercise 2019 began last 1 April and ends on 30 April this year. Through the SAT portal, taxpayers will be able to submit such a statement. After the deadline, taxpayers may be fined for failure to file.
It must be said that due to the situation in the country caused by the COVID-19 pandemic, the Association of Certified Public Accountants requested an extension, without being granted by the authorities, It is therefore important to comply with this obligation in time and form and to avoid the corresponding fine for failure to comply with tax obligations.
If the period that individuals have is not respected, they can be punished with a wide range of fines ranging from 1,400 pesos to 34,730 pesos for each obligation, the SAT warns. This declaration must be submitted by taxpayers who receive income from wages and salaries (in some cases), fees, leasing, business activities.
If you do not submit the annual declaration, you will most likely receive a summons 15 days after the deadline, if you do not comply within the time limit indicated in the injunction, an additional fine may be imposed, the declaration can be presented later and if there is a balance to be paid, you must pay, in addition to your determined tax, the update and any surcharges that may be applicable.
Similarly, some changes to tax laws came into effect this year, including new grounds for cancelling the digital seal certificate for failure to file the declaration. In this case natural persons would have to be considered in the system of fees, leasing, business activities.
For Bandala | Díaz | García it is of the utmost importance to keep his clients informed of what is happening in fiscal and accounting matters. We know that these issues are confusing when it comes to putting them into practice and being able to file a statement in time and form, which is why to avoid some kind of fine or penalty, come to us so you can get professional and personalized attention at all times.