New SAT Simulator for the 2024 Annual Tax Return for Businesses
The Tax Administration Service (SAT) has launched a simulator for the Annual Tax Return for the fiscal year 2024, aimed at corporations that fall under the General Regime and the Simplified Trust Regime (Resico). This tool allows taxpayers to preview the information they will submit. Interested parties can access the simulator through this link: https://anualpm.clouda.sat.gob.mx/MoralesV2. The deadline to submit the final tax return is from January 1 to March 31, 2025. The Mexican tax authority mentioned in a statement that companies under liquidation have until January 17, 2025, to fulfill their tax return obligation, while non-profit organizations have until February 15, 2025.
It is important to mention that provisional payments made during the year should be included, as well as profit sharing (PTU), withholding tax on wages and salaries, income tax assimilated to salaries, tax on rental income, and ISR Resico. Also considered are any carryover from past returns, which may include tax losses, payments to foreign entities, dividends, and employment subsidies, along with CFDI for discounts, refunds, and bonuses.
Starting in 2024, the tax authority has implemented updates to make this obligation easier. Therefore, annual returns now include preloaded information. It is crucial that if a taxpayer wishes to modify any of the reported income or any preloaded field, they must submit additional declarations. If there is a balance due, this can be settled at any authorized bank; the system will show the updated information 48 hours after payment. If the balance is zero, this will be reflected within 24 hours. To submit the tax return, taxpayers need an electronic signature (e.firma) and access to online banking, as any outstanding balance must be paid via electronic transfer to a bank of their choice.
As a final note, it is advisable for companies not to wait until the last minute to file their annual tax return. Planning ahead and using this SAT simulator can help identify potential discrepancies in the information, avoiding surprises down the road. At the end of the day, good tax management is key to maintaining financial stability and efficiently meeting tax obligations.
