New Regulations and Deadlines to Send Electronic Accounting
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New Regulations and Deadlines to Send Electronic Accounting
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On December 18th, 2014, the 7th modifications to the 2014 miscellaneous tax resolution were published through the Tax Authorities’ website. Please find below a summary of the most important items.

Chart of Accounts

Taxpayers will have to link the first level subaccount values of the Tax Authorities’ grouping code in their chart of accounts, considering the most appropriate code based on the nature of the account or subaccount of the taxpayers’ chart.

Taxpayers will have to ensure that the account number assigned corresponds in the chart of account as well as in the trial balance.

Balance concepts such as short-term assets, long term assets, liabilities, short term liabilities, long term liabilities and capital will not be considered as ledger accounts.

Concepts such as income, costs, expenses, comprehensive financing result and memorandum accounts will not be considered as ledger account nor as first level subaccounts either. The chart of account will have to be sent including at least the ledger account and the first level subaccount. If taxpayers only have ledger accounts, these will have to be linked to the grouping code first level subaccounts.

Trial Balance

The trial balance will have to allow identifying the following elements:

♦ Taxes to be paid and to collect.

♦ Transferred taxes that have indeed been collected.

♦ Creditable taxes that have indeed been paid.

♦ Income detailing rates, fees and activities for which no taxes are to be paid.

Regarding the year end closing balance, this will have to include the information regarding the adjustments registered for tax purposes.

The trial balance will have to be sent with at least the ledger account and the first level subaccount. If taxpayers only have ledger accounts, these will have to be linked to the grouping code first level subaccounts.

Journal Entries and Sub Ledger Accounts

The ledger account or first level subaccount journal entries and sub leger accounts will have to include the level of detail with which the taxpayer carries out his/her accounting entries.

Each journal entry will have to include the tax folio corresponding to the tax receipt that supports the transaction, the method of payment, the different contributions, rates and fees, including for transactions, acts or activities that do not require paying contributions, based on the transaction in question.

When the folio assigned to the tax receipt cannot be identified in the accounting journal entry, the taxpayer will be able to list all the tax folios, tax IDs and amounts corresponding to the receipts that are included in the journal entry in question in an auxiliary report.

Deadlines to Send the Information

Chart of Accounts

It is to be sent for the first time through the Tax Mailbox, when the first trial balance is sent, at the latest within the first three days of the second month following the one to which the information being sent corresponds to.

If the chart of accounts is modified, it will have to be sent at the latest on the deadline of the obligation to send the trial balance corresponding to the month during which the modification was carried out.

Trial Balance

The trial balance will have to be sent through the Tax Mailbox per the following deadlines:

a) Legal entities, except taxpayers that issue securities, will have to send their accounting information on a monthly basis at the latest within the first 3 days of the second month following the one to which the information being sent corresponds to.

b) Individuals will have to send their accounting information on a monthly basis at the latest within the first 5 days of the second month following the one to which the information being sent corresponds to.

c) Regarding taxpayers that issue securities and that are listed in the stock market licensed in terms of the Stock Market Law or that are within recognized markets, will send the information in monthly files for each quarter at the latest on the dates indicated below: (View PDF)

d) Legal entities and individuals that carry out agricultural, forestry, livestock or fishing activities will be able to send their information every two months within the first 3 and 5 days, respectively, of the second month following the last month reported in the semester. 6 files will have to be sent corresponding to each of the months.

e) Regarding legal entities, the trial balance adjusted to year end closing will have to be sent at the latest on April 20th of the following year. Individuals will have to send it at the latest on May 22nd of the following year.

Errors in Information being Sent If the Authorities determine that the files contain IT errors, these will have to be resent per the following:

♦ Files will be able to be resent through the Tax Mailbox as many times as needed, until they are accepted.

♦ Files that were rejected but sent within the last two days before the corresponding deadline, will be able to be resent the same way within 5 business days of the rejection notification being sent through the Tax Mailbox for them to be considered as filed on time once accepted.

♦ Taxpayers that modify the information that has already been sent will have to replace it by sending a new file within 5 days of the information being modified.

♦ When the information cannot be sent, due to the inability to access the Internet, taxpayers will be able to go to the local Tax Authorities’ offices to send the information.

Accounting Filing Start Dates

Taxpayers will be obliged to send their accounting to the Tax Authorities’ on the following date:

 I. As of January 1st , 2015:

♦ Institutions that make up the finance system.

♦ Taxpayers whose accruable income for 2013 was equals to or higher than 4 million pesos. II. As of January 1st, 2016:

♦ Taxpayers whose accruable income for 2013 was less than 4 million pesos.

♦ Taxpayers who carry out agricultural, forestry, livestock or fishing activities and that comply with their tax obligations per Title II, Chapter VIII of the Income Tax Law

♦ Legal entities that carry out non lucrative activities.

♦ Taxpayers who registered with the Tax Authorities during 2014 or 2015.

III. As of the first day of the month following registration with the Tax Authorities for all taxpayers who register as of January 1st , 2016.

Journal Entries to be sent through Tax Authority Requirements

For purposes of journal entries to be sent per requirements or requests, taxpayers will send them as follows:

I. As of January 1st , 2015:

♦ Institutions that make up the finance system.

♦ Taxpayers whose declared accruable in come, or that which should have been declared, for 2013 was equals to or higher than 4 million pesos. II. As of January 1st , 2016:

♦ Taxpayers whose declared accruable income or that which should have been declared, for 2013 was less than 4 million pesos.

♦ Individuals.

♦ Taxpayers who carry out agricultural, forestry, livestock or fishing activities and that comply with their tax obligations per Title II, Chapter VIII of the Income Tax Law.

♦ Legal entities that carry out non-lucrative activities.

♦ Taxpayers who registered with the Tax Authorities during 2014 or 2015.

III. As of the first day of the month following registration with the Tax Authorities for all taxpayerswho register as of January 1st , 2016.

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