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Changes to the 2008 tax report Héctor Silva

Changes to the 2008 tax report Héctor Silva. WMTA Breakfast/meeting July, 2009. Tax audit report.

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Changes to the 2008 tax report Héctor Silva

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  1. Changes to the 2008 tax reportHéctor Silva WMTA Breakfast/meeting July, 2009

  2. Tax audit report Accordingtoarticle 52 of theMexican Federal Tax Code, a CPA registeredwiththetaxauthoritiesmustsubmit a taxreportindicatingunderoaththecompliancewithdifferentauditprocedurestocovertherequirements of the Tax CodeRegulations. The auditreportisadditionaltotheindependentauditor´sopinion, financialstatements and footnotesresultingfromthe full scopeaudit. Thisreportismandatoryfortaxpayerswith: • More than 300 employees in the prior year • More than Ps$34.8M of grossrevenues in the prior year • More than Ps$60.6M of total assets in the prior year. The report can befiledvoluntarelybyanytaxpayernotexceedingtheabovementioned thresholds Modificaciones al Dictamen Fiscal 2008, Deloitte

  3. Attachments included in the tax audit report Additionally a Questionnaire on Tax Compliance Questionnaire on Transfer Pricing (Reviewed by the CPA) Modificaciones al Dictamen Fiscal 2008, Deloitte

  4. 11 Attachments with changes • 1.- Comparisson of last two years for expenses at the subsidiary account level (annex 8) • 2.- Comparisson of last two years for other expenses (annex 9) • 3.- Comparisson of last two years for the net financial cost (annex 10) • 4.- List of taxes payable (direct or withholding) (Annex 11) • 5.- List of taxes due at year end (annex 12) • 6.- Computation of estimated monthly payments (annex 13) • 7.- List of NOL from prior years (annex 22) • 8.- Net retained earnings account (CUFIN) (annex 23) • 9.- Transactions with related parties (annex 34) • 10.- Fixed assets and land (annex 35) • 11.- Foreign Trade transactions (annex 38) Modificaciones al Dictamen Fiscal 2008, Deloitte

  5. 20 New annex • 1.- Financial Statements by business segments (annex 5) • 2.- Detailed analysis of revenues (annexo 6) • 3.- Cost of Sales –book and tax computation (annex 7) • 4.- Tax base to withhold on fees, rent and interests (annex 14) • 5.- Disclosure on joint responsibility (annex 16) • 6.- Monthly computation on Cash Deposits Taxi (annex 17) • 7.- List of CDT collected (BANKS) (annex 18) • 8.- Computation of taxabel inventory (annex 21) • 9.- CUFINRE (annex 24) • 10.- Financial options during the year (annex 25) Modificaciones al Dictamen Fiscal 2008, Deloitte

  6. 20 New annex • 11.- Accounts receivable and payable in foreign currency (annex 26) • 12.- Loans from abroad (annex 27) • 13.- Investment in subsidiaries and other related entities (annex 28) • 14.- Stockholders and shareholders during the year (annex 29) • 15.- Any income subject to low tax jurisdictions (annex 30) • 16.- Book-Flat Tax reconciliation (anned 31) • 17.- Credits used for Flat Tax purposes (annex 32) • 18.- Book-Income Tax-Flat tax reconciliation (annex 33) • 19.- Report of transactions with related parties (aneexs 34.1) • 20.- Employee´s profit sharing computation (annex 36) • Any resolution issued by the authorities must be reported Modificaciones al Dictamen Fiscal 2008, Deloitte

  7. Questionnaire on the tax diagnostic derived from the audit performed by the CPA • Internal control • Documentation • Evidence • Irregularities • Changes in financila situation • As a result of the review report on: • Income tax and Flat tax wrong deduction • Unreported revenues • Credits wrong used, IT, FT, VAT, CDT • Observations were corrected • Si • No (sate reasons Modificaciones al Dictamen Fiscal 2008, Deloitte

  8. Questionnaire on transfer pricing compliance derived from the audit • TP study for domestic and international transactions • Compliance • SI –NO • No – must be shown as non deductible by the taxpayer • Miss compliance • Qualified tax report • Qualified audit report Modificaciones al Dictamen Fiscal 2008, Deloitte

  9. Héctor Silva R. hsilva@deloittemx.com +52 (664) 622 7840 Modificaciones al Dictamen Fiscal 2008, Deloitte

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