The Ministry of Finance has introduced a new system for correcting VAT self-assessments, allowing taxpayers to modify their declarations without having to wait for an official response. This change simplifies the process and facilitates the correction of errors or necessary adjustments in self-assessments.
This new system is part of an amendment to the General Tax Law made in 2023, which introduced corrective self-assessments to replace the previous correction method. In May 2024, an order was published formalizing these changes in the VAT declaration models, specifically models 303 and 308.
The new model 303 includes two key fields: Field 108, for adjustments due to discrepancies with administrative criteria, and Field 111, which differentiates between refund requests based on tax regulations and other requests. This model will be used starting September 2024 for those who file VAT monthly and from the third quarter of 2024 for those who file quarterly.
While the aim is to streamline the rectification process, it remains unclear how the tax authorities will handle these changes, particularly regarding the documentation required to justify corrections. Therefore, it is advisable for taxpayers to seek guidance to ensure compliance with all legal requirements. For any questions or inquiries, please contact MDG Advisors, and we will be pleased to assist you with this matter.
Sandra Gámez Chaves