Mexico.- During this month of April 2022, natural persons had to present their 2021 Annual Declaration before the Tax Administration Service (SAT) of the Ministry of Finance and Public Credit (SHCP), but what happens if you had a negative balance and you can’t pay it?
Year after year, taxpayers believe that understanding the SAT is in “Chinese”, due to how complicated the concepts of taxes, Annual Return, natural and legal persons, etc. may seem at first, and the matter becomes more complex when the debts. That is why in this note we will tell you What should you do if, after submitting the Annual Declaration, you had a negative balance and you do not have, at the moment, the resources to cover it.
To do?
If you do not have the money to pay the Mexican tax agency, you only have the following options: on the one hand, request the authorities that the liquidation of your balance against be carried out in a deferred or in parts; on the other hand, advise youand finally, use the balance in favor of previous years.
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defer payment
According to the official SAT website, if you choose to do it deferred, you will have a maximum period of one year to pay the amount. Meanwhile, if you do it by part, it allows you to do it in up to 36 months, that is, a year and a half.
This benefit is available to both natural and legal persons, and can be requested within 10 business days after the Annual Declaration has been filed.
get advice
On the other hand, another of your alternatives regarding the balance against after an Annual Declaration is to consult the matter with an accountant. If the notice of your liability reached you in the tax mailbox or by mail, you have up to 30 business days to pay the SAT.
Once you have received said document, the tax authorities will give you the appropriate format to settle the balance against. The document will contain the deadline and the places where you can deposit the corresponding amount.
Use your credit balance
However, if in 2021 you had a negative balance but remember that in previous years your balance was in favor after your Annual Declaration, for these cases the article 23 of the Tax Code states: “taxpayers obliged to pay by declaration may only choose to offset the amounts they have in their favor against those they are obliged to pay by their own debit, provided that both derive from the same tax, including its accessories”.
Therefore, “taxpayers who submit the compensation notice must accompany the documents established by the Tax Administration Service through general rules.”
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Although, beware, there are some exceptions that will not allow you to use your credit balance from previous years to offset the balance against 2021, such as the tax being for imports or specific purposes.
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