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In an ambitious move to bolster its tax collection efforts, the Mexican tax administration (SAT) unveiled its Tax Master Plan since January 22, 2024. This comprehensive strategy outlines an array of initiatives designed to improve audits, enhance collection processes, and provide better taxpayer assistance. A key goal of this plan is to increase tax collection by at least 10% this year, signaling a proactive approach to addressing tax compliance and revenue generation. You’re still on time to to learn about it and regulate your taxes before the SAT.

Harnessing the Power of High-tech Solutions

One of the most striking elements of the Tax Master Plan is the SAT’s commitment to leveraging Advance System software. This cutting-edge technology will play a pivotal role in scrutinizing vulnerable activities and identifying inconsistencies, particularly in electronic invoicing (CFDI). By employing high-tech solutions, the SAT aims to streamline tax collection processes and ensure greater accuracy and efficiency in identifying potential discrepancies.

Intensified Focus on Indirect Taxes

Indirect taxes, such as the value added tax (VAT) and excise tax (IEPS), will be under increased surveillance. The SAT plans to rigorously monitor VAT refunds, zero-rate and non-taxable VAT transactions, and VAT related to import activities. This heightened focus is intended to ensure proper compliance and prevent fraudulent activities that could undermine tax revenue.

Targeted Audits in Key Sectors

The SAT’s audit activities for 2024 will extend to digital platforms, e-commerce, and online payment systems. Additionally, several key industries will be subject to detailed inspections, including automotive, pharmaceutical, construction, transport and logistics, advertising, oil and gas, hospitality, metallurgical, finance and insurance, and alcohol beverages. By targeting these sectors, the SAT aims to uncover tax evasion and ensure that businesses comply with their tax obligations.

Navigating Compliance Without New Tax Reforms

Interestingly, the 2024 plan does not introduce new tax reforms. Instead, it emphasizes strict adherence to existing tax laws through the use of advanced technology, data management, and statistical analysis. Entities are encouraged to evaluate their internal tax processes, identify potential risks, and implement robust controls and tax technologies. This proactive approach is crucial for avoiding penalties and ensuring smooth compliance with the SAT’s stringent audit measures.

Conclusion

Mexico’s Tax Master Plan 2024 has marked a significant step towards enhancing tax compliance and maximizing revenue collection. By embracing new technologies and focusing on critical sectors, the SAT is poised to create a more transparent and efficient tax environment. Businesses operating in Mexico must stay vigilant, reassess their compliance strategies, and seek professional tax advice to navigate these changes effectively.

For more information and professional assistance, contact our Mextax experts in Mexico. We offer expert advice and can help you implement the necessary controls to stay compliant with the latest tax regulations, keeping you informed and prepared.