The question about whether loans must pay taxes It is a common doubt that circulates in the financial field. There is contradictory information in this regard, some suggesting that the Service tax administration (SAT) investigates those who have obtained loans.
However, there are other versions that allege that banks apply the Value Added Tax (VAT) on credits. To clarify this issue, it is essential to understand some key concepts when filing the annual tax return.
The Tax Administration Service, as the entity in charge of the tax collection and supervision in Mexico, provides accurate information to taxpayers through its official website.
In this area, it is important to highlight that, according to the information provided by the SAT, The loans themselves are not subject to tax.
This means that when a person receives a loan, whether it is a personal loan, a quick online loan or any other type of financing,or must pay taxes on the amount borrowed per se. However, there is a clear exception:
Loans that do pay tax to the SAT:
There is one important exception that taxpayers should be aware of. The SAT establishes that if a person receives loans for an accumulated total of more than 600,000 pesos in a fiscal year, then you are required to declare them on your annual tax return.
This means that if you have obtained loans totaling more than this amount in a year, you must inform the Tax Administration Service about these credits when submitting your return.
Refering to confusion over VAT on loansit is important to clarify that VAT is not applied directly to the loans themselves.
VAT is a tax that primarily relates to the sale of goods and the provision of services, and is not automatically added to loans.
However, in some situations, such as the purchase of loan-related insurance, VAT may be applicable to those additional services, but not to the loan itself.
It must be understood that, in the process of Annual declaration of taxesit is essential to properly justify the income and expenses related to the loans.
If all the data is correct and properly supported, you may not only not have to pay additional taxes, but you may also benefit from a tax refund.
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