Tax years come to a close at end of month

The new year is coming. This is not the one welcomed with party hats and popping corks. This is the beginning of the next fiscal year, which means a lot of work for those in business.

Most companies use the standard fiscal year of Oct. 1 to Sept. 30, although the law allows for a request for variations. According to law, two months and 15 days after the close of the fiscal year, income taxes are due. The date can be no later than Dec. 15, which is the date for this year.

The Ministerio de Hacienda has proposed changing the fiscal year to coincide with the calendar year. That is in the tax proposals that are being considered in the legislature.

The big problem each year is filling out the D-151 form that is supposed to list all the major expenses and who got them as well as significant amounts of income. The Dirección General de Tributación double checks these to make sure they coincide with the payor and payee.

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