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THE SAT STARTS AUTOMATIC VAT REFUNDS IN MEXICO

The automatic VAT refunds, announced in January by the Secretary of Finance and Public Credit Luis Videgaray Caso as part of tax simplification model that is based on trust between the taxpayer and the tax authority, have already begun.

In this regard, the General Manager Planning of SAT, said that in this first year 14,259 declarations were received with automatic application of VAT for the amount of 1.261 million pesos, and the SAT, through this new scheme, authorized automatically the first returns benefiting 6,804 taxpayers, ie 47.7% of applicants.

The amount to be repaid, is 280.3 million, representing 7.2% of monthly income recieved from the taxpayers, equivalent to 63.5% of the VAT they paid their suppliers, impacting in a relevant way in the cash flow of micro, small and medium enterprises.

It was also stated that 80% of the applicants prequalified as likely to benefit from the rapid return since last year, will receive their refund by the automatic process.

This process will: reduce the cost and time of requesting a refund to the taxpayer; streamline the cash flow of the main generators of employment; apply fully consistent and systematic rules based on intensive use of the information the SAT receives; and optimize the capacity installed to provide better service and exercise a better control where necessary.

This is the first real exercise of simplification that not only returns faster, but the refund application has been removed. All this is thanks to the base of mutual trust between the tax authorities and taxpayers and thanks to the new technologies: electronic invoicing, accounting and tax electronic mailbox.

2017-09-18T16:16:49+00:00 19/05/2016|Latest news|