New Deadline for Submission of Transparency Information from Authorized Donors
All Civil Organizations and trusts that are authorized to receive donations must submit an annual notice, in which the Treasury is informed about the use and destination given to the donations received, as well as the fulfilment of tax obligations, this notice is known as information concerning the transparency of assets and the use and destination of donations received, which is usually presented in the month of May following the one applicable, that is to say in this year 2020 would be reporting on donations received in 2019.
This transparency information is useful to the Tax Authority to know if the donations that are being received are deductible for Income Tax (ISR), and that therefore, they are effectively generated during the fiscal year of which we are reporting the information, likewise they must meet the requirements established in Art. 27 of the Income Tax Act (LISR).
However, as a result of the foregoing we inform you that on 4 May 2020, it was announced through the portal of the Tax Administration Service (SAT), the sixth advance version of the First Resolution of Amendments to the Miscellaneous Fiscal Resolution for 2020. In this instrument, reference is made to regulation 3.10.11, that the deadline for submitting transparency information may be no later than 30 July 2020.
So, if you have received donations and are an authorized donor, you can make your 2019 transparency report through the SAT portal up to the date indicated in the previous paragraph.
If you have doubts about the procedure to be performed, we recommend and invite you to come to Bandala | Díaz | García to be able to advise you on the requirements and processes to consider when making this informative notice.
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