SAT WILL REQUEST INFORMATION ON THE ORIGIN OF THE MONEY
Banks notify the Treasury, who has the authority to request information, and if they do not receive it, they can claim payment of ISR, fines, or surcharges.
In recent days it has been reported that starting this year, the Tax Administration Service (SAT) will charge a tax on those deposits that are made in cash and that are for 15,000 pesos or more; However, this information is false, but what is certain is that the Treasury monitors these deposits.
Eduardo Marroquín Pineda, a Tax Partner at Baker Tilly México, explained that the Tax on Cash Deposits (IDE) came into effect in 2008 and levied 3% tax on those amounts that were deposited in cash from 15,000 pesos.
This tax, he added, served in a certain way for the tax authority to combat the high informality that exists in the country but, in the 2014 tax reform, the IDE was eliminated and in its place, the SAT implemented other control methods.
In this way, for seven years the financial system has been obliged to give notice, annually, to the fiscal authority for those deposits that exceed 15,000 pesos, so there is no news as of today regarding this method, he said. Ariana Martínez Molina, member of the College of Public Accountants of Mexico.
When the accumulated monthly amount exceeds 15,000 pesos, the bank has to inform, but it is an obligation of the financial institution with respect to the taxpayers who make or make these cash deposits in their name, the accountant commented.
The information that the banks pass on to the SAT must be delivered no later than February 15 of each year.
What happens if you receive a deposit?
Eduardo Marroquín indicated that, if a taxpayer receives a cash deposit that exceeds 15,000 pesos when SAT is notified by the bank, he may ask the taxpayer to clarify the origin of that cash since the authority will assume that it is an income For which the corresponding Income Tax (ISR) has not been paid.
“The problem is that when you deposit in cash, you can only trace where that cash is going, not where it comes from. Fiscally, the SAT is interested in knowing the origin of this deposit, ”he explained.
If the taxpayer is unable to clarify the origin of that money, the Treasury may demand the payment of ISR for the amount, as well as updates, surcharges, and, in some cases, fines.
To avoid this type of problem, Eduardo Marroquín advised that taxpayers, in the first place, avoid lending their debit cards since many times the so-called fiscal discrepancies originate from cash deposits made by lending the plastic.
“It is very common, for example, that a family is organizing a big party and the members have to deposit money with one of the relatives. They do it in cash and, in the long run, you can face this problem where it will be difficult for you to clarify that this is not an income derived from your activity ”.
If it is not clarified, the SAT will take into account the activity for which the taxpayer is registered to collect the ISR, updates, surcharges, and corresponding fines.
In addition, he also recommended that instead of making cash deposits, bank transfers should be made, taking care of how income is documented and that all income is reported when the returns are filed.
It’s not the first time
In 2019, information about the collection of taxes on cash deposits also circulated on networks, which generated confusion among citizens, for which the Taxpayer’s Defense Attorney (Prodecon) clarified on that occasion that it was information false.
Among the false content that was mentioned was that as of June 2020, people who receive deposits of more than 5,000 pesos per month, should declare before the SAT where they received the money and why.
It was also commented that anyone who received money through bank accounts or bank deposits to two debit credit cards and if these exceeded a certain amount as a deposit, would have to declare fiscally and if they did not do so, they would have legal consequences, not only administrative and criminal.