In Mexico's current tax legal framework, tax refunds are contemplated, provided that they are appropriate within the terms established by the Federal Tax Code, as well as within the tax laws that apply in these cases.
This is due to the fact that, if the interested party is registered with the SAT (Secretariat of Tax Administration), and you are under an economic system of salaries and salaries, you can request a refund if you present a tax surplus within your fiscal year.
Prior to this, you must file an annual return, and verify if the requirements are met to obtain a refund of taxes paid in advance.
This action can even be done online, through the Internet platform provided for this purpose by the SAT, or by using the services of an accountant.
What is a tax refund?
The tax refund consists of obtain a refund of the amount of money or a fraction of it, that has been paid within the framework of the tax return carried out within the last fiscal year, which is due to a right that taxpayers have.
This possibility covers legal persons and individuals, who may carry out the corresponding process for this purpose, considering the evaluation by the authorities responsible for the case within a specified period of time, to apply the necessary procedure in these cases and to validate the request for a tax refund.
SAT Tax Refund
In this regard, The law enshrines the right so that the taxpayer receives, for their benefit, the appropriate tax refunds, within the terms established by the Federal Tax Code, as well as the current legal tax framework.
In this regard, The Federal Taxpayer Rights Act, states in its article 2, section II, the following: “When you have a favorable balance, you can request the appropriate refunds.” This is possible, since when calculating the taxes paid, it is determined that a monetary amount greater than what was actually due was paid, which is why you can request the return of the excess in the SAT.
How long does it take for a tax refund to be made?
The tax refund takes up to forty business days to complete. It is a process that begins from the date the taxpayer submitted the corresponding application to the SAT, for those who file their annual return related to the fiscal year prior to the year in which it is taking place, but within the following assumptions:
- Indicate the option for Tax refund, in the annual return for the fiscal year.
- Make the electronic filing of your return using a password e.firma or e.firma portable.
- If the balance in favor is equal to or less than 10,000.00 pesos, you can make the tax return with the password.
- If the balance is between 10,000.00 pesos up to 150,000.00 pesos, you can make the declaration with a password, by selecting a CLABE account active 18-digit number that has been previously loaded into the application, and whose owner is the taxpayer.
- If the CLABE account chosen is different from those that have been uploaded in advance to the application, the declaration must be submitted with the e.signature, or with the portable e.signature.
- It is precisely in this CLABE account to 18 digits in the name of the holder where the tax refund will be deposited. This account must be unique for each taxpayer, preventing another taxpayer from using for these purposes of the same CLABE account.
- AND if the balance of the annual return exceeds 150,000 pesos, the tax refund will not be made automatically, but with the Electronic Return Form (FED).
- To complete the automatic refund of canceled taxes, the mandatory declaration must be made before July 31 of the current year.
How is the tax refund for tourists in the United States?
In fact, the Government of the United States does not refund sales tax to foreign tourists who decide to visit the country.
In addition, the US Government does not refund or refund VAT, while no official of the United States Customs and Border Protection (CBP), they are not required to seal forms containing VAT taxes.
In conclusion, lA tax refund makes it possible to get back the money that has been overpaid for this purpose, right that all taxpayers have in accordance with current regulations. This way, you can be up to date with your tax payment, but paying off the amount that corresponds to you.
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