accounting and financial management They can be issues that generate headaches for more than one person due to the large number of laws, provisions and regulations behind them.
If we add to this the misinformation and myths that are often spread about issues such as fiscal obligations and payment of taxeseverything gets even more complicated.
This is why the Tax Administration Service (SAT) shared a statement last Wednesday, August 17 to clear up some doubts of the population about cash deposits.
forcefully, the SAT clarified that it does not monitor or collect taxes on monetary deposits made in banking institutions.
In the document, the body of the Ministry of Finance and Public Credit (SHCP) pointed out that the deposits for expenses from parents to children (or vice versa)as well as for batches either personal loans They are not a reason for surveillance or collection of taxes.
Also, deposits for payments for catalog sales (in products such as cosmetics, kitchen and household utensils, essential oils, among others) are also free from such measures.
It should be noted that, in fiscal terms, “cash deposits” are considered to be all those made, in national or foreign currency, “in any type of account that individuals or legal entities have in their name in the Institutions of the Financial Systemas well as cash acquisitions of cashier’s checks”.
“It is pertinent to clarify that all those deposits that are made for expenses from parents to children or vice versa, payments for catalog sales (cosmetics, kitchen and household utensils, essential oils, among others), batches or personal loans are not monitored. Nor does it charge any type of tax.
The SAT message was published with the aim of denying unofficial versions about the activities of this authority in terms of monetary deposits made in banks.
The version that the SAT persecutes and collects taxes for this type of movement was massively spread since 2021, during the execution of the Economic Package for Fiscal Year 2022.
At that time, the SHCP proposed that the tax policy project include that the banks deliver to the authorities the information related to cash deposits on a monthly basisnot annual.
The reality is that, with this initiative, the SAT intended to obtain monthly information only of the taxpayers who were under an audit processcontrol or review by the authorities.
“If a detected inconsistency between expenses and incomethe SAT will be able to request the information of its deposits to the financial institutions that have this information”, indicated the fiscal instance.
“This request is made to avoid tax fraud such as those of the Panama Papers or the Pandora Papers.”
Another recurring confusion in tax matters is the supposed obligatory payment of contributions when individuals and legal entities receive cash deposits of more than 15,000 pesos per month.
The Tax Law on Cash Deposits, which ceased to be in force since January 2014it did establish that all people who received more than 15 thousand pesos in cash per month were obliged to pay taxes corresponding to a 3% of the amount that exceeds said amount.
However, this is no longer the case. Currently, the banks are the ones that are obliged to inform to the SAT on cash deposits to taxpayer accounts that exceed 15 thousand pesos.
Only in those cases in which income is not declared and the tax authority exercises its powers of verification, the taxpayers will be requested to present documents to support the registration of said deposits.
If this is not done, Treasury you can guess that deposits are income derived from activities for which taxes must be paid.