In December 2022, the SAT released the application for the filing of the annual corporate income tax return for the year 2022, which underwent some modifications with respect to the version of previous years:
In the "Income Tax for Legal Entities" section "Nominal Income" under the "Type of Income" item, the following concepts are included:
- Taxable income on disposal of foreclosed assets
- Gain on derivative transactions related to exchange rates
- Tax gain on sale or transfer of portfolio
- Loan portfolio recoveries
- Accrued income from release of reserves
- Premiums written
- Consolidation of the bare ownership and usufruct
On the other hand, under the heading "Income that only accrues in the annual tax return", several concepts are added, among others, gain from total asset disposal; income accrual option for total or partial collection of the price; income from real estate trusts; as well as several concepts of IEPS tax incentives.
The following items are added to the "Authorized Deductions" section under the "Expenses" caption:
- Tax loss on disposal of foreclosed assets.
- Tax loss on disposal or transfer of portfolio
- Punishments
- Write-offs, rebates and portfolio discounts
- Loss on derivative transactions related to exchange rates
- Contributions to IPAB
- Commissions to agents
- Additional compensation to agents
- Reinsurance and reinsurance commissions taken.
- Ceded premiums
- Cleaning supplies
- Propaganda and advertising
- Stationery and supplies
- Maintenance expenses
- Payments to individuals exempt from income tax who are engaged exclusively in agricultural, livestock, forestry or fishing activities.
- Cost of books, newspapers and magazines
- Expenditures incurred in the payment of services for the use of road infrastructure
- Expenditures made during the year for investment and technological development projects
- Toll payment for public transportation of people
- Toll payment for public freight transportation
- Toll payment for tourist public transportation
- Toll payment for private transportation of persons
- Toll payment for private freight transportation
- Toll payment for private tourist transportation
- Payment of special mining duty
Finally, in the section "Administrative Facilities and deductible incentives" under the heading "Type of incentive", the deduction of the cost of land acquisition by taxpayers engaged in construction and real estate development is added.
The following changes are made in the "Financial Statements" section:
- The statement of cash flows and the statement of changes in stockholders' equity are added.
- The four financial statements include the column for the fiscal year to be presented, i.e., 2022 as 2021, to show comparative figures between the current year to be reported and the immediately preceding year.
- In each item to be filled in, a field for notes is added in which explanations of the variations from one fiscal year to another can be added.
- In the "Reconciliation" subsection regarding the tax accounting reconciliation, columns are included to reflect information for fiscal years 2022 and 2021.
- In the "Non-Accounting Tax Income" section, the following items are added: taxable foreign exchange gain; taxable gain on the sale of foreclosed assets; gain on derivative transactions related to exchange rates; taxable gain on the sale or assignment of loan portfolio and recoveries of loan portfolio and cumulative income from the release of reserves.
- On the other hand, "Non-tax accounting deductions" included provisions, accounting loss on disposal of foreclosed assets, allowance for loan losses and result from valuation at fair value.
- Non-accounting tax deductions" include the following items: tax loss on disposal of foreclosed assets; tax loss on disposal or assignment of portfolio, write-offs; write-offs, allowances and discounts on the portfolio; losses on bad debts and loss on derivative transactions related to exchange rates.
- Finally, in the "Non-tax accounting income" section, the following items are added: accounting foreign exchange gain; accounting gain on disposal of land; accounting gain on disposal of foreclosed assets and gain or loss on valuation at fair value.
It is important to mention that other non-accounting tax income; other non-tax accounting deductions; other non-accounting tax deductions and other non-tax accounting income are not contemplated and should therefore be classified in one of the pre-established concepts.
Important: Legal Entities that are obliged or choose to have their financial statements audited and those that are obliged to submit information on their tax situation or ISSIF (ISSIF) will only complete the "ISR Legal Entities" section, since the application will disable the "Financial Statements" section.
By Cristina Contreras, Fiscal Manager.
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