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Tax Opinion (SIPRED)

Patricia

By: Andrea Mendoza Molina

Article 32-A of the Federal Tax Code (“Código Fiscal de la Federación”) establishes the situations in which individuals or legal entities may choose to have their financial statements audited by an authorized public accountant. In accordance with the Tax Authorities ("Servicio de Administración Tributaria") frequently asked questions, the Tax opinion is considered “the fundamental basis for granting credibility to the economic information prepared by the management of the companies”[1].

Regarding the abovementioned , the individuals or legal entities that may choose to file such tax opinion are the following:

  • Individuals with business activities and legal entities, which have obtained accumulable income greater than $140,315,940.00 MXN,
  • The value of their assets determined under the terms of the general rules issued for such purpose by the Tax Authorities is greater than $110,849,600.00 MXN or;
  • At least 300 of their workers have rendered services to them in each of the months of the immediately preceding fiscal year.

In this regard, individuals who choose to have their financial statements audited must declare it when filing their income tax return and must exercise this option within the 3 months following the end of the fiscal year in the case of legal entities and in April in the case of individuals.

Likewise, article 32-A of the Federal Tax Code establishes that legal entities that in the last fiscal year have declared accumulated income for income tax purposes equal to or greater than $1,779,063,820.00 MXN, as well as those that have shares placed on the stock exchange are required to have their financial statements audited by an authorized public accountant.

Taxpayers who are obligated, as well as those who have chosen to present the tax opinion of the financial statements prepared by a public accountant, must present said tax opinion no later than May 15.

Report on mergers and spin-offs of companies

In the case of merger or spin-off of companies, the tax opinion of the financial statements of the merged company, the merging company, the spin-off company , the spun-off company or companies, which were used to carry out the merger or spin-off of companies, as well as those prepared as a result of the merger or spin-off, in mergers or spin-offs occurred on or after January 1, 2023, must be filed by the surviving company in the case of spin-off, the company that arises as a result of the merger or the spin-off that is designated, no later than March 31 of the year immediately following the year in which the merger or spin-off was carried out.

[1] https://www.sat.gob.mx/empresas/resultado-busqueda?words=dictamen+fiscal&locale=1462228413195&tipobusqueda=predictiva#

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