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MONTHLY ESTIMATED INCOME TAX PAYMENTS Héctor Silva

MONTHLY ESTIMATED INCOME TAX PAYMENTS Héctor Silva. Meeting – Breakfast August 18, 2010. MONTHLY ESTIMATED PAYMENTS. Article 14 of the MITL

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MONTHLY ESTIMATED INCOME TAX PAYMENTS Héctor Silva

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  1. MONTHLY ESTIMATED INCOME TAX PAYMENTS Héctor Silva Meeting – Breakfast August 18, 2010

  2. MONTHLY ESTIMATED PAYMENTS • Article 14 of the MITL • “Tax payers shall pay estimated monthly income tax payments in consideration for the annual income tax. Payment shall be made by the 17th of the month following the one the tax is computed”. 2

  3. ESTIMATED MONTHLY PAYMENTS FORMULA • Gross revenue • (*) Profit factor • Estimated profit • (-) NOL • Tax base • (*)30% • = Estimated income tax • (-) Prior payments • = Tax due 3

  4. ESTIMATED MONTHLY PAYMENTSProfit factor Formula for the profit factor: Prior year’s taxable income Total gross income Notes 1: If no profit factor is obtained from the last twelve months period, the last factor of the prior five years will be used. 2: Income tax Regulations precise that factor used and computed up to four fractions (0.0000) 4

  5. RULE 1. 3. 19. 8 OF THE MISCELLANEOUS TAX RULES Maquiladoras may compute their estimated income tax payments for November 2003 and subsequent months by applying the profit factor for October 2003 adjusted with the 3% instead of the 6.5% or 6.9% as stated in article 216-bis of the MITL. 5

  6. RULE 1. 3. 19. 8 OF THE MISCELLANEOUS TAX RULES • Maquiladoras electing to compute their taxable income based on a Transfer Pricing Study, may adjust the profit factor by applying the 3% mentioned to the taxable income used to compute the profit factor. 5

  7. REDUCTION OF ESTIMATED MONTHLY INCOME TAX PAYMENTS • Article 15 MITL • When tax payers estimates that income tax will be over-paid at year-end, may request authorization to reduce estimated payments as from the second semester of the year. Any shortage in the estimate will arise the payment of interests. 5

  8. REDUCTION OF ESTIMATED MONTHLY INCOME TAX PAYMENTS • Application for authorization must be filed a month prior due date. • Application to reduce the September payment is due by September 17th. • Application must include: • Current balance sheet and income statement • Pro-forma BS and IS as of December 31 • Pro-forma of book/tax reconciliation • Payments made during the year Footer (edita este texto en la opción Insert > Header & Footer > Apply to all)

  9. Héctor Silva hsilva@deloittemx.com +52 (664) 622 7840

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