SAT warns of improper tax practices on hydrocarbon exploration

Companies hiring boats, ships or naval devices to work on hydrocarbon exploration are not retaining or informing the SAT of the Income Tax
Photo: File photo/EL UNIVERSAL
07/10/2017
14:10
Leonor Flores
Mexico City
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Mexico's Tax Administration Service (Servicio de Administración Tributaria abbreviated SAT) warned of improper tax practices being carried out by private companies involved in hydrocarbon exploration after the private capital opening.

Companies hiring boats, ships or naval devices to work on hydrocarbon exploration are not retaining or informing the SAT of the Income Tax (Impuesto Sobre la Renta abbreviated ISR).

SAT warned that specialists who advise, provide services or participate in the implementation of such practices, would be incurring the same fault as well.

Thus, on the revenue from the lease of boats, ships or naval devices related to hydrocarbon exploration or extraction activities, the SAT stated that they have a source of wealth in the country.

SAT has a Hydrocarbons Revenue Unit that is in charge of monitoring and supervising taxpayers to comply with their tax obligations in this new segment that was created with the opening of the energy sector to private companies.

In March, SAT signed an agreement with the Energy Regulatory Commission (Comision Reguladora de Energía abbreviated CRE) to exchange information in order to avoid tax evasion.

Through data crossing, compliance with the obligations of this sector of taxpayers in the hydrocarbons, petroleum and petrochemical industry, is verified.

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