Tax Newsflash- DISIF, New Rules

Dear clients and friends,

Following up with the issue of DISIF, the SAT is showing on its website an Update to the Third Resolution of Amendments to the Miscellaneous Fiscal Resolution 2015 and its Annexes 1-A, 3, 7, 15, 23 and 26, to which is added the rule 2.20.4.:

In other regulations it will be allowed to keep books in languges other than Spanish.

Dear clients and friends,

Following up with the issue of DISIF, the SAT is showing on its website an Update to the Third Resolution of Amendments to the Miscellaneous Fiscal Resolution 2015 and its Annexes 1-A, 3, 7, 15, 23 and 26, to which is added the rule 2.20.4.:

2.20.4. Taxpayers relieved from the obligation to submit the informative statement of their fiscal position. For the purposes of Article 32-H of the Federal Fiscal Code of the Federation (CFF), taxpayers that are required to file the informative statement for their fiscal position (DISIF) by being located on the alone assumption fraction V referred by such article, may choose not to submit it when the total amount of operations performed with residents abroad in the fiscal year is less than $ 30’000,000.00

 Furthermore, rule 2.20.5 is also added  as follows:

2.20.5. Taxpayers corporations’ resident in Mexico with operations conducted with residents abroad.For the purposes of Article 32-H, Section V of the Federal Fiscal Code of the Federation (CFF), taxpayers that are required to file the informative statement on their fiscal position (DISIF) will take as fulfilled that obligation when submitting information in complete form of the following sections of the DISIF that apply to them:

1. Financial Derivatestransactions contracted with residents abroad.
2. Permanent investments in subsidiaries, associated and affiliated residing abroad.
3. c) Partners or shareholders who had shares or partnership.
4. d) Transactions with related parties.

e)Information on their transactions with related parties.

1. f) Transactions carried out with residents abroad.

As can be seen, rule 2.20.4. will allow the companies to not file the DISIF if in 2014 they had transactions with residents abroad under $ 30’000,000.00 without further conditions.

As for rule 2.20.5., corporations that must submit it for having made transactions with residents abroad, will take the filing of the DISIF as fulfilled when submitting and presenting paragraphs a) to f) mentioned above.

Other regulations

It will be allowed to keep books in languages other than Spanish (records and supporting documentation that covers transactions performed) with the condition for this option to have a translationof the information into Spanish by an authorized expert authorized by the competent authority or at the requirement of the authority.

There are also changes in the rules concerning ocean shipping agents who can be subject to the rate of 16% or 0% VAT, depending on their relationship with the importation or exportation of goods or services (as the case); matters related to foodstuffprepared for consumption in the point of sale; and security code generation for producers, manufacturers and importers of cigarettes and other processed tobacco for the purpose of the IEPS.

There will also be published an extension which expired on May 21 for the submission of prepayments and definitive income tax payments, that had to be submitted on the 18th and 19th of that month.

We remain entirely at your service in reference to any questions about the new rules and to assist your company in the preparation of this obligation.