The Income Tax (ISR) It is a tax on the profits you obtain in a period known as a fiscal year. Due to its importance today we want to tell you everything you need to know about the Income Tax in Mexico in detail.
The ISR basically acts on the earnings that increase wealth. This means that it is applied to the difference between the deductibles and the income of a particular person or company.
Why is it so important to pay ISR? The answer is not as simple as saying that it is a legal obligation established in the Mexican political constitution and the law. The truth is that the Taxes or fees help governments carry out their activities, such as: health, roads, education, security, etc.
So when you don't pay the ISR, this can attract serious consequences, for this reason, you must be attentive to the payment dates and fulfill your obligations.
Next, we will tell you more about fundamental aspects of the Income Tax in Mexico.
Who must pay the Income Tax?
The ISR declaration is mandatory for people who:
- Have your home in Mexico;
- reside abroad, but have companies in the country.
- reside abroad and receive sources of income from assets in the country.
When we talk about the people who must declare the list is quite extensive, however, we can reduce it in phases:
- Persons who receive professional fees or who carry out business activities in any industry, exception of Small Taxpayers.
- People who acquire, rent or dispose of real estate.
- People who receive more than 400,000 Mexican pesos per year or who reach that amount among various employers.
- People residing in Mexico with investments abroad.
- For loans greater than one million pesos or for inheritances and disposals that add up to an amount greater than five hundred thousand pesos.
All legal entities must declare income tax. Moral persons are legal entities such as companies or institutions that do not have a physical entity perceptible by the senses.
The declaration of the ISR of legal entities on the previous fiscal year must be made in the first three months of the year. Namely, they must declare it no later than the month of May.
How to file the income tax return online?
natural persons they should do the following:
- Install the DeclaraSAT program or enter DeclareSAT Online.
- Enter the data and generate the shipping file. Then send the statement to the SAT and wait for your receipt.
- The process ends if the declaration indicates that there is a balance in favor. If there is a negative balance, you must make the payment from your bank, which will give you a receipt of the transaction made.
legal persons they should do the following:
- Enter the declaration program of legal entities in this link.
- Provide the corresponding information.
- Generate the declaration file and send it. The program will give you an acknowledgment of receipt.
- As with natural persons, if the balance is positive, the process ends; if it is negative, you must pay the corresponding taxes through your bank.
How to present the annual declaration in person?
To present the Annual statement in person you must request an appointment on the government page to the nearest SAT office or call 01800 4636728 to schedule the preferred day.
You will have to submit your declaration together with your current identification, RFC key and your curp. Likewise, you must take the collections corresponding to your tax regime.
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