Improvements to the 2023 annual statement for legal entities

8 February 2024

On January 4th, 2024, the new application for the Annual Income Tax Statement for Legal Entities (“Annual Statement”) was published on the Tax Administration Service (“SAT” for its acronym in Spanish) portal, with significant improvements to facilitate compliance with this obligation, among which the following points stand out:

1. Inclusion of tax loss carryforwards.

It will now be possible to manually add to the form the tax loss carryforwards pending for amortization arising from the annual returns for the fiscal years 2013 to 2021.

For losses generated in 2022, the first and second restatement of the tax loss carryforward for amortization are included.

2. Financial statements.

Elimination of the “Cash Flow Statement” and “Changes in Stockholders’ Equity Statement”.

Preloading of information from financial statements submitted in the immediately preceding year.

Increased certainty in previewing taxpayer data generated in the Annual Statement.

3. Immediate investment deduction.

Addition in the “Authorized Deductions” section for the immediate deduction of investments foreseen in the Relocation Decree (published in the Federal Official Gazette on October 11th, 2023) and tax benefits granted to taxpayers in areas affected by Hurricane Otis.

The above is applicable to both the General Regime and the Simplified Tax Treatment Regime (RESICO) forms

The aforementioned additions aim to simplify and ease the submission of the Annual Statement

Finally, reference is made to the fact that legal entities will have until April 1 of this year to comply with the obligation to file the Annual Statement.

In light of the above, in Bravo Abogados we would be happy to answer any question you may have regarding this legal alert.

52-81-24748538
www.j-bravo.com
Blvd. Antonio L. Rodríguez 3000, Colonia Santa María, 5to piso, Interior 501 Torre Albia, C.P. 64650 Mty, N.L., México T.

Download Newsletter

Boletines relacionados

Revisting maquiladora operating models: Strategic alternatives.

Revisting maquiladora operating models: Strategic alternatives. Background. The maquiladora regime has been a central component of Mexico’s manufacturing growth since the 1990s, driving foreign direct investment, particularly in sectors such as automotive, electronics, and medical devices. This regime allows multinational corporations to establish manufacturing operations in Mexico under the IMMEX program, which grants fiscal and tariff exemptions when importing machinery, equipment, and raw materials to produce goods for export.

Second resolution of amendments to the miscellaneous fiscal resolution for 2024

Renewal of the Qualified Maquiladora Approach Agreement

September 19, 2024 Renewal of the Qualified The IRS and Mexico’s Servicio de Administración Tributaria (SAT) have agreed to again renew the Qualified Maquiladora Approach Agreement (QMA), a coordination arrangement previously renewed between the U.S. and Mexican competent authorities in 2020 (2020 Renewal QMA). The 2024 renewal applies for the Mexican taxable years ending December 31, 2020, through December 31, 2024. The QMA allows a U.S. taxpayer to avoid double taxation on the contract manufacturing and assembly functions performed by its maquiladora if the Mexican taxpayer enters into a unilateral advance pricing agreement (APA) with the Large Taxpayer Division (Administración General de Grandes Contribuyentes) of the SAT under terms negotiated in advance between the competent authorities.

Revisting maquiladora operating models: Strategic alternatives.

Second resolution of amendments to the miscellaneous fiscal resolution for 2024

Renewal of the Qualified Maquiladora Approach Agreement

Reform to the Federal Judicial Banch

September 19, 2024 Reform to the Federal Judicial Branch The constitutional reform initiative that modifies the Federal Judicial Branch has already been approved by both chambers of Congress and is now being reviewed by the missing state legislatures. This reform involves significant changes that will take effect in September 2025, which presents challenges for judicial procedures initiated before that date.

Resolutions for companies providing maquila services from 2020 through 2024

On July 22, 2024, the Tax Administration Service (hereinafter “SAT”) updated its website regarding the “Resolutions for Companies Providing Maquila Services” (hereinafter the “Website”), pursuant to the renewal of the Qualified Maquiladora Approach agreement (“QMA”) by the SAT and the Internal Revenue Service of the United States of America (hereinafter “IRS”).

Presidential Proclamations Concerning Imports of Aluminium and Steel

July 10, 2024, Adjustments to Imports of Aluminum and Steel into the United States. Presidential Proclamations Concerning Imports of Aluminum and Steel. The White House today posted on its website two presidential proclamations concerning imports of aluminium and steel into the United States.