SAT: these are the 5 most common fines applied to individuals

The Tax Administration Service (SAT) has a number of sanctions that apply to taxpayers in the event of non-compliance and for various reasons. These are economic requirements issued by the tax authorities in some cases and can range from more than a thousand pesos to more than 38,000 pesos, depending on the case.

In that regard, it will be important to remember that the tax authority also punishes those taxpayers who do not file their annual tax return and this month, individuals will have to file it. Given this, here we will reveal the most common fines applied by the tax authorities.

What are they?

1.- Fines ranging from 1,400 pesos to 38,730 pesos will be imposed on those individuals who do not file their annual tax return.

2.- Penalties ranging from 3,000 to 11,600 pesos will be applied to persons of legal age who carry out any activity without being registered in the Federal Taxpayer Register.

3.- Economic punishments ranging from 400 to 600 pesos will also be issued for persons who submit invoices without corresponding supplementary data.

4.- In the event of non-compliance with any sanction or for each request or notice of natural persons who do not respond within the time limit established by the tax authority, up to 34,000 pesos must be paid.

5.- If the cancellation of a Digital Tax Voucher is made online out of time, the penalty will be established within a percentage ranging from 5 to 10% of the amount of the invoice.

Meanwhile, it will be important to detail that individuals have until April 30 to file their annual tax return. The tax authority even enabled some guidance portals and extended schedules to be able to carry out the process in a timely manner.

Who should file the 2021 annual return?

In April, individuals declare that they earned income from:

*Wages:

-From a single patron and they stopped receiving it before December 31.

-If they also earned income other than salaries.

-If they worked for two or more employers simultaneously.

-If wages come from abroad or from people not obliged to withhold.

-If they also obtained income from compensation or retirement.

-If the total annual income for this item exceeds 400 thousand pesos.

*Professional services.- These are those who earn income on their own and issue proof of fees.

*Business activities, including those who are taxed under the Tax Incorporation Regime and chose to make provisional payments bimonthly by applying a profit ratio.

*Business activities carried out only through technology platforms, computer applications or similar, that have not opted to make definitive payments.

*Collect rent for some real estate (apartment, house or commercial premises).

*They receive interest or dividends.

*They alienated goods, if they sold any goods.

*Acquisition of goods, if they purchased any goods.

The purpose of the annual return is to report income related to your salary, your deductions, as well as perform the calculation of the annual tax, file in zeros and pay or request a balance in favor, that is, a cashback.

KEEP READING

SAT: how much are the penalties for not filing the annual tax return}