The importance of complying with your administrative and fiscal obligations at the end of the year

As the end of the year approaches, many companies are focused on achieving their financial goals, but one of the most important points to close in good standing is to comply with administrative and fiscal obligations. From tax returns to the renewal of licenses and permits, having all these procedures in place not only guarantees a smooth start to the year, but it is also a way to prevent future problems with the authorities.

What administrative and fiscal aspects should you consider?

1. Tax Statements: It is essential to comply with the corresponding tax returns, as this avoids sanctions such as tax credits and even seizures of bank accounts. The deadlines set by the tax authorities are strict, and not meeting them can result in fines and surcharges that will cause the debt to increase.
2. Renewal of Licenses and Permits: Each municipality or state has specific requirements for the legal operation of businesses. The annual endorsement of operating licenses, environmental permits, and other administrative authorizations must be done on time, especially if your company's activity depends on them.
3. Operating Authorizations: If you operate with special permits, such as those necessary for highly regulated activities (such as the health, mining or telecommunications sectors), it is crucial that they are not only in force, but also in compliance with any updated regulations, as non-compliance can result in significant fines.

What happens if there are debts with the authorities?

If your company has debts with the authority, they will most likely prevent you from carrying out these procedures. Authorities tend to “block” certain procedures when there are pending fines or tax credits, as is the fairly common case of drawing licenses at the municipal level. Fortunately, there are alternatives, such as challenging those fines or tax credits that are preventing the business from moving forward and operating.

Why is it possible to challenge fines and tax credits?

Tax and administrative authorities issue sanctions and tax credits that, at times, may not be properly justified. When a company challenges these fines, the opportunity opens up to review if the calculation, the application of sanctions, or the issuance of the credit are legitimate. If the sanction procedure did not comply with the regulations, it is possible to reduce or even eliminate these burdens for your company. Not only does this alleviate the financial burden, but it also allows your business to operate without restrictions on the paperwork needed to operate.

Don't let administrative and fiscal obligations pile up and affect the operation of your company. Meeting these requirements before the end of the year can save you time, money and future problems. And if you have debts or sanctions, there are ways to challenge them and ease the burden. Remember that the peace of mind of an orderly end of the year is not only a responsibility, but a strategy to maintain the financial and operational health of your business. Reach out to your trusted specialist for advice on your outstanding obligations and how to fulfill them in the best possible way.

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At Rodríguez, Manzano y García Abogados, we are ready to support you.