Annual Declaration Example

The Annual statement It is an administrative procedure of a fiscal nature, which must be carried out before the Ministry of Finance of each country, and consists of the declaration of income and expenses that were presented during the year.

The annual declaration is independent of the monthly declaration, which must coincide with the annual declaration.

The annual return must be submitted by anyone who has individual economic activity:

a) Natural persons

• Workers (in particular)
• Housewives
• Workers
• Service providers
• Low-profile merchants, etc.

b) Legal persons

• Companies
• Institutions
• Colleges
• Civil associations
• Anonymous Associations
• Cooperatives, etc.

Example of annual declaration in Mexico:

The annual declaration must be made by those individuals and legal entities that are registered with the tax regime and by any person (physical or moral) who has economic activity and even those who do not have economic activity or unemployed.

Requirements:

• Register with the finance secretariat (sat)
• Have your electronic signature.
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• Have RFC
• Curp (natural person)
• Constitutive registration (Legal entities)
• Account to deposit refunds, rtc.

Individuals with economic activity who receive income through the following means must submit an annual declaration:

Render professional services (fees)

• Rent real estate
• Carry out business activities (commercial, industrial, agricultural, livestock, forestry, fishing, and motor transport), except those that were taxed in the Small Taxpayers Regime
• Dispose of assets
• Acquire goods
• Receive wages
• Perceive interests
• Other income, eg: debts forgiven by the creditor or paid by another person, for investments abroad, for late interest or conventional penalties.
• Income from loans, awards and donations, which individually or as a whole exceed 600,000 pesos.
• Income exempt from the payment of income tax due to inheritances or bequests and for the sale of house, if the sum of the total income, contained in the declaration, is greater than 500,000 pesos.
• If you did not receive income during the year, but you are registered in the RFC for any of the concepts cited, you must file the Annual Return and report that circumstance, that is, submit your return in zeros.

Today the declaration is made electronically and by electronic means, establishing the mandatory electronic invoice, for any procedure, and the electronic invoice will now be used as a service lender, replacing the receipt of payment of fee.

The procedure is through an easily accessible platform that has an intuitive structure, which helps the taxpayer to make their invoices and declarations from any terminal.

For more information visit the page of the SAT.