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Can I be inspected by the Tax Administration?

Since the country entered the process of strengthening the public finances everything has changed. The times where the option of not paying was viable, or the feeling that one shouldn’t pay due to the belief that the Government was misusing is long gone. The tax agency is more than capable of verifying and making sure that all the rules are being followed when it comes to paying taxes. The criterion of inspections are vast, but the highest priority is given to every person/company who has filled any losses or any 0s in their declaration as well as those whose accounts are being charged an interest fee even though they declared, but have not yet paid their outstanding debt. Under the same level of scrutiny are those classified as professionals, including those in the tourist sector and financial consultants of any type.

The process of auditing is a very delicate and complex process, that we must put at the highest level of importance. This is a mandatory process and if we don’t complete this process the range of sanctions could be from 2 “salarios base” all the way to 100 “salarios base”. In order to avoid these penalties, we must collaborate and stay up to date with all of our financial accounts and present them monthly in the case of an audit. This presentation of financial accounts must be well monitored, so that when the auditor comes to inspect said documents they can do so at that time, without any sort of conflict. Remember that the most important part of this process is full transparency and full collaboration.

As previously stated, we must forget the olden ways of thinking and start to operate in a serious manner. We must be responsible, operate under full transparency, and most importantly find a team of financial consultants with a legal team that can make you feel comfortable and safe knowing that your financial affairs are being taken care of.

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