What is credit balance compensation and how does it benefit me?

What is credit balance compensation and how does it benefit me?
  • To correctly make your tax payment to the Tax Administration Service (SAT), you must report your income and expenses for the year in question.
  • This is the annual tax return. Generally, after the procedure, natural persons can obtain a balance in their favor.
  • There is an easy and simple way to get up to date, through credit balance compensation.

To correctly make your tax payment to the Tax Administration Service (SAT) is required to report your income Y expenses of the year in question. This is the annual tax return. Generally, after the procedure, the Physical persons they can get balance in favor.

There is an easy and simple way to get up to date, through credit balance compensation

Although many are already receiving their tax refund, there are others who still owe taxes to the SAT, but there is an easy and simple way to get up to date, through credit balance compensation.

Besides, the balance compensation in favor it may be applied to tax credits whose payment has been authorized in installments; in the latter case, the compensation must be made on the unpaid balance at the time said compensation is made.

In this case, it is not the obligation of the tax authorities to personally notify the taxpayer that his refund will be used to offset the debt.

Compensation may also be made effective against tax credits whose payment has been authorized in installments, but it cannot be made valid if it is the taxes that are caused by reason of importation.

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How to compensate your balances in favor in the SAT?

According to the SAT, the compensation of the updated amounts can be made “from the month in which the undue payment was made or the declaration containing the balance in favor was presented, until the month in which the compensation is made”.

The taxpayer must present the notice and other documents that are detailed here to request compensation of balance in favor.

However, the taxpayers they will not be able to compensate the balance in favor that has already been requested or when the obligation to return them has expired.

In the event that taxpayers have any remainder after having made the compensation, they may request your return.

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