As the deadline approaches for tax filings in Mexico, the Servicio de Administración Tributaria (SAT) is reminding both individuals and companies of their obligations for the 2024 fiscal year. Legal entities must submit their Annual Declaration by March 31, 2025, while individuals have until April 30, 2025, to comply with this crucial financial requirement.
Today, March 31, 2025, marks the final day for companies to file their Annual Declaration. To assist taxpayers, the SAT has extended its in-person service hours from 8:30 AM to 6:00 PM. Additionally, a support minisite is available for businesses to file their declarations 24 hours a day, ensuring they have access to necessary resources. The SAT urged companies to fulfill this obligation to avoid potential future issues with the Secretaría de Hacienda.
For individuals, the SAT has outlined specific criteria determining who must file their tax declarations. Those who earned more than 400,000 pesos during the 2024 fiscal year, ceased providing services before December 31, 2024, or received income from multiple employers must submit their declarations. Furthermore, individuals who obtained income from sources such as honorariums, rentals, or pensions are also required to file.
Juan Luis Ordaz, director of Financial Education at Banamex, emphasized the importance of tax compliance, stating, "The declaration and the corresponding payment of taxes are fundamental for the country, as they provide the necessary resources to meet priority needs such as security, health, education, infrastructure, and culture." He noted that according to the Organización para la Cooperación y el Desarrollo Económicos (OECD), Mexico ranks as the sixth country with the least total tax revenue in Latin America, at a mere 16.9% of its GDP, which falls significantly below the OECD average of 34%.
In Mexico, three categories of taxes are applicable: federal, state, and municipal. The federal taxes include the Impuesto al Valor Agregado (IVA) and the Impuesto Sobre la Renta (ISR), which is mandatory for all individuals earning income through productive activities. All individuals must pay the ISR and present their tax declarations annually.
For the 2024 fiscal year, the deadline for individuals to file their tax declarations is April 30, 2025. Those who fall under specific categories, such as professionals providing services, business owners, or individuals receiving rental income, are obligated to submit their declarations. However, even if individuals do not meet these criteria, they can still file voluntarily, potentially receiving refunds for overpaid taxes.
Ordaz also highlighted ways individuals can deduct their taxes, which include expenses related to mortgage loans, tuition, school transportation, and donations to authorized institutions. Such deductions can significantly reduce the taxable income, thereby lowering the final tax payment owed to the SAT.
To facilitate the filing process, the SAT has implemented a pre-filled annual declaration system that will be available on its official website. This system will display all reported income and expenses associated with each taxpayer's RFC. To avoid any tax surprises, it is crucial for individuals to verify the accuracy of their information, ensuring that each payroll receipt contains the correct digital seal and that their RFC and homoclave are accurate.
For those seeking assistance with their tax declarations, Banamex has provided several tips to enhance compliance success. These include generating or updating passwords on the SAT portal, ensuring the accuracy of RFC, and preparing a summary of income and ISR reflected in payroll receipts. Additionally, taxpayers should check the SAT portal for any discrepancies in their information and have their bank account numbers ready for any potential refunds.
In case of any doubts or issues regarding the annual tax declaration, individuals can contact the SAT offices, call MarcaSAT at 55 62 72 27 28, or download the SAT Móvil app for mobile access to services. For complaints or claims, the Procuraduría de la Defensa del Contribuyente (Prodecon) offers free and efficient assistance on tax matters, including legal representation and consultation services.
Prodecon has created a microsite called “declara fácil,” where taxpayers can find videos, tutorials, webinars, and various materials to support them in the tax filing process.
As the deadline for filing approaches, the SAT's reminders and resources aim to ensure compliance among taxpayers, reinforcing the importance of fulfilling tax obligations for the benefit of the country. With millions of individuals and companies impacted, timely action is essential to avoid penalties and ensure contributions to national priorities.
