To facilitate the compliance with the obligations, the Tax Administration Office (SAT) has made available this February, a computer tool that allows the classification of electronic invoices of income and expenses, to automatically determine the provisional payments of ISR and final payments. VAT, with a simplified tax compliance scheme.
The income accumulation option is a regime whereby Legal Entities who are solely composed by Natural Person and have no income above 5 million pesos may choose to pay income tax through cash flow. Accumulating their earned income and deductions paid, corresponding to the specific period, or may apply the coefficient of utility to income received.
The option chosen can’t be changed during the year.
To qualify for this benefit, taxpayers who are legal entities incorporated and registered in the RFC before December 31st, 2016, must present the notice of economic activities and obligations update. In the case of legal persons who start operations or resume activities as from fiscal year 2017, they must submit the tax option within the following month.
Those who use the cash flow accumulation option will be relieved to comply with the following obligations: to send the electronic accounting and to submit the Third Party Transaction Information (DIOT).