Automatic refund request of Income tax for individual taxpayers


Publicado en Jueves, 30 Agosto 2018

Automatic refund request of Income tax for individual taxpayers

 

As a standard procedure, after filing your annual tax return and if you have Income Tax in Favor, the SAT (Mexican IRS) should process your tax return within 5 business days. However, if this period of time already passed and you have not received your tax return, we advise you to check on the tax return status.

 

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Work risks – How to identify one within your company


Publicado en Miércoles, 29 Agosto 2018

Work risks – How to identify one within your company

 

As it is already known, all the employers that have employees must calculate their risk premium through an annual revision of the work accidents or sicknesses that their employees had the year before the filing of the report. The classification is established when the employer starts his/her activities in a workplace and/or the operation procedures are modified, which can create a variation that must be reported to the authorities.

 

But as an employer, what is the effect of having  an employee at risk? When does my risk premium increase? This is why the IMSS classifies it in 3 branches, however, the transportation accident is also added to make it more consistent.

 

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Factura 3.3 - What you need to know


Publicado en Martes, 28 Agosto 2018

Factura 3.3 – What you need to know

 

The new version of the CFDI (Fiscal Electronic Invoice) has turned out to be a headache for some people, since the authorities have been saying that all that is needed is the RFC, but in practice this is not real. There are other fields in the invoice that need to be filled for it to be valid. These are the things that we must know to issue our CFDIs.

 

Uso de CFDI (Use of CFDI):

 

This is the use that will be given to the CFDI that will be issued to us: there are different uses such as investment, expense, personal write off, etc. We suggest that, if you are not sure of the use that will be given to said CFDI, you should use the option P01- Por definer (To be defined).

 

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Are you a foreigner with lucrative activities in Mexico or are you a member of a Mexican Entity (ME)?


Publicado en Jueves, 16 Agosto 2018

 

Are you a foreigner with lucrative activities in Mexico or are you a member of a Mexican Entity (ME)?

If your answer is YES to any of these situations, we present you the obligations that you must comply with.

 

First of all, we need to understand:

 

What is the National Registry of Foreign Investments (RNIE, for its Spanish acronym)?

 

In Mexico there is a government institution that, since 1993, has been in charge of regulating and channeling the foreign investment in such a way that it contributes to the national development. This authority is known as the “Registro Nacional de Inversión Extranjera-RNIE”.If you answered YES to any of the questions above, I invite you to read the following article which explains the obligations that being in any of the two situations aforementioned entail before the National Registry of Foreign Investment (RNIE for its Spanish acronym).

 

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Anti Money Laundering Law - Limitations to Cash Payments


Publicado en Sábado, 07 Julio 2018

Anti Money Laundering Law – Limitations to Cash Payments

 

Cash is the most common way to pay since its use is the simplest. There is no need to use technology nor intermediaries. The transactions in cash are not registered in any way and are pretty much impossible to track down. And this is why, for the laws related with money laundering all around the world, the use of cash is highly risky.

 

In the case of Mexico, for the before-mentioned reasons, the Anti money laundering establishes limits to cash payments. Limits that, if are not complied with, carry with them really high fines. That is why you must have some knowledge about the regulations in terms of Anti Money Laundering in order to avoid the no-compliance.

 

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