69.8 F
Mérida
Wednesday, December 1, 2021
###

Huge fines loom under new tax rules

Latest headlines

2 Cuban migrants die in shipwreck off Yucatán coast

Unofficial reports claim that Mexican authorities helped 19 people to disembark the badly damaged ship.

Angels: What makes Adele Aguirre’s new art exhibit at SoHo Galleries so moving

Adele Aguirre's "Angels" exhibit at SoHo Galleries responds to a personal crisis, but will be cathartic to everyone suffering loss. ...

Frustrated animal rights activists blockade Mérida shelter

The protestors set up camp outside of the facility and took to laying on mats and pieces of cardboard to demonstrate their commitment to settling the issue without violence.

Property taxes in Mérida to increase in 2022

Property taxes across Mérida are about to see a considerable increase. 
Yucatán Magazine
Sign up to get our top headlines delivered to your inbox twice a week.

Businesses face a challenge under tax reforms in Mexico that will require monthly electronic filing.
Businesses face a challenge under tax reforms in Mexico that will require monthly electronic filing.

Businesses that don’t comply with new monthly electronic-filing rules face huge fines, warns Rodolfo Martínez Septién, chapter president of the Mexican Institute of Finance Executives (IMEF). 

Picking up on a trend that has spread through Latin America, Mexico on July 4 published new tax reporting rules requiring monthly reports starting from July 1. The first records will be due to the tax authorities by Oct. 31.

The new reporting rules were included as part of the 2014 Mexican tax reform. But until now, these specifics had not been disclosed.

According to audit firm EY, taxpayers must maintain accounting records through electronic systems that can create XML format files, which include:

  • chart of accounts used during the period
  • trial balance, with initial balances, movement for the period and final balances for each of the accounts of the taxpayer, including assets, liabilities, equity and results of operations (revenue, costs and expenses
  • information related to journal entries in the accounting records

For companies, the filing deadline for each month is the 25th day of the following month (that is, Aug. 25, 2015, for July 2015’s information, Sept. 25, 2015, for August 2015’s information). For individuals, the filing deadline for each month is the 27th day of the following month. How this hits taxpayers with no internet access was not made clear.

In other Latin American countries where electronic invoicing and filing are law, “fines are real and they are happening,” says tax blogger Steve Sprague. “The forcing of these reports will only put a larger focus on fines and penalties.

Sources: Sipse, Ernst & Young

- Advertisement -

Subscriptions make great gifts

More articles

Cacaxtla and the mystery of its spectacular Maya murals

The Cacaxtla-Xochitécatl archaeological site is one of the most interesting and unique in all of Mexico. Aside from its massive structures and breathtakingly beautiful vistas, this ancient city in Central Mexico boasts a rather out-of-place feature — Maya murals. 

Mexico skeptical over new travel restrictions

Restricting travel or closing borders is of little use in response to the emergence of the new Omicron coronavirus variant, said Mexico's...

CFE to invest billions to improve Yucatán’s energy infrastructure

Large CFE facility on Mérida’s Periferico. Photo: Carlos Rosado van der Gracht The CFE announced that it will...

What to find in a Yucatecan Christmas market

Located right in front of the high school Centro Universitario Montejo, the market hosts slow-food vendors on the weekends and maintains its crafts and decor market all throughout the week.

Feminists unveil a monument to protest violence against women

Feminist protestors unveiled a monument in Mérida’s Remate at the foot of the Paseo de Montejo to protest ongoing violence against women. 

Mérida to hold a week-long tango festival, starting tonight

Mérida's international tango festival is set to return for a full calendar week starting Nov. 25.

Adventurous pup illegally climbs Yucatán’s most famous landmark at Chichén Itzá

Once again, a clandestine visitor has broken the rules at Chichén Itzá by climbing Kukulcán’s famed pyramid. 

Mérida’s railway museum goes full steam ahead

One of the most under-visited attractions in Mérida is the Museo de Ferrocarriles de Yucatán, Yucatán’s Railway Museum.

Feel brave enough to eat an eyeball taco? Mérida’s taco festival has you covered

Taco connoisseurs are prepreparing to host Mérida's Festival del Taco next weekend. 

A giant hammock has suddenly appeared in the Centro, but why?

The sudden appearance of a giant hammock in downtown Mérida is drawing eyes.