Azucena Vasquez / Reform
Tuesday, June 21, 2022 | 21:46
Mexico City.- In the country’s financial and mining sectors, tax evasion practices were detected for up to 62 thousand 957 million pesos together, reveal studies by the Chapingo University and the Autonomous University of Coahuila, prepared in conjunction with the SAT.
In the financial sector, taxes that are not charged for credit losses presented as uncollectible were analyzed, indicates the study “Evasion in the financial sector” of the Autonomous University of Chapingo, prepared in 2021.
As part of the analysis of 41 financial institutions, it was found that there were uncollectible loans reported in excess, so the total amount of evasion for this concept for the period 2015 to 2019 could range from 20 thousand 901 million to 43 thousand 823 million of weights.
The study contrasted the amounts of losses due to uncollectible loans reported in the annual statement with the amounts of write-offs and penalties reported to the National Banking and Securities Commission (CNBV).
“It was found that banking institutions overreport losses, since there are amounts that are not registered with the CNBV,” he warns.
As part of its recommendations, the Universidad Autónoma Chapingo explained that during the study it was possible to verify that the fields available in the annual declaration format corresponding to bad debt losses and other deductions are filled out by banking institutions without a standard.
Some institutions report losses in the other deductions field, making tracking difficult, so it is suggested to make the Bad Loan Losses field mandatory for credit institutions to prevent them from being categorized in the “other deductions” field.
In the mining sector, a possible tax evasion of 19 thousand 134 million pesos was also detected, revealed the study by the Autonomous University of Coahuila.
To analyze this possible evasion, information was used from both the annual declarations and the opinion presented by 26 large taxpayers – legal entities that in the last year had income equal to or greater than one thousand 250 million pesos – in the years 2016 to 2019 of the subsector of mining of metallic and non-metallic minerals and of the subsector of services related to the extraction of minerals.
As part of the study, the Income Tax (ISR) -tax that should have been collected- was calculated to later estimate an evasion amount by comparing the potential ISR with the ISR collected for each taxpayer, details the institution in the study “Evasion in the mining sector.
“It is presumed that some mining projects try to benefit from tax incentives or loopholes in the law. This assumption is based on the fact that investments in the sector can be very large, with costs that are not recovered, that require long amortization times and maturation.
“And at this stage of cost recovery, it is very likely that companies in the mining sector will declare accounting profits in their financial statements, but not taxable profits,” the study says.
In addition, the idea that there is evasion in the sector is reinforced when it is evident that the mining sector (subsector of metallic and non-metallic minerals and subsector of services related to mining, not including oil and gas extraction) participates with 1.4 percent. in the Gross Domestic Product (GDP) for the period 2015-2020, while its collection is barely 0.3 percent of the national collection in that period.
The most important taxes applied to the mining industry in Mexico are ISR, with a rate of 30 percent; Value Added Tax (VAT) with a general rate of 16 percent, and mining duty, which is paid on a fee per hectare according to the years of validity of the mining concession or assignment, among others.