He Tax Administration Service (SAT)in its constant effort to guarantee tax compliance, has implemented surveillance mechanisms that involve close collaboration with banking institutions in Mexico.
This system allows the SAT to receive detailed information about the cash deposits made by taxpayers, a practice supported by the Income Tax Law (LISR).
The objective is clear: identify and, where appropriate, audit those accounts that present financial movements that exceed certain established limits.
What does the law dictate?
According to the LISR, banks are obliged to inform the SAT when cash deposits of a taxpayer exceed 15,000 Mexican pesos in a month.
This threshold, designed to promote fiscal transparency and combat tax evasioncontemplates the total sum of deposits in all the taxpayer's accounts within the same banking institution.
Therefore, it is crucial that taxpayers are aware of these regulations to avoid possible reviews or audits by the Tax Administration Service.
The role of banking institutions:
Banking institutions play a fundamental role in this surveillance scheme, acting as intermediaries that report to the SAT deposits that exceed the allowed limit.
This process is detailed in the current Fiscal Miscellany, which specifies the data that banks must record and subsequently report to the SAT.
This information includes the RFC, CURP, full name of the taxpayerbank account details and the amounts of deposits made.
Consequences of exceeding the limit:
Exceeding the cash deposit limit is not a crime per sebut it can trigger a series of actions by the SAT.
The Taxpayer Defense Attorney's Office (Prodecon) warns about the conditions under which tax complications may arisesuch as the failure to declare this income or the inability to present documentary evidence that justifies the origin of the money.
In these cases, the SAT may assume that the deposits correspond to income subject to taxation, which could lead to adjustments in taxes payable by the taxpayer.
Strategies to avoid problems with the SAT:
To stay in compliance with the treasury and avoid unnecessary audits, it is essential that taxpayers maintain a detailed record and documentation support that justifies the origin of the cash deposits.
Transparency and adequate documentation are key to demonstrating the legality of the income and deposits made.
Tax withholding by banks:
A topic of interest and sometimes confusion is the belief that banks automatically retain a percentage of cash deposits that exceed the limit of 15,000 pesos. However, as Prodecon clarifies, this practice was abolished in 2013.
At the moment, banks do not withhold taxes about these deposits; They simply report to the SAT when the threshold is exceeded, leaving the evaluation and, if necessary, the collection of the corresponding taxes in the hands of this body.
Know the rules, maintain proper documentation, and be aware of the Fiscal obligations They are essential steps to avoid complications with the treasury.
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