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Deposit Taxation


Sonia

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A client emailed me two pages he just received from SAT. He cashes his Social Security check and deposits the cash into his Bancomer account. The amount was 186,000 pesos for all of 2013. SAT is asking for 26,000 pesos tax.

In 2013, the tax was 3% on cash deposits over 15000 pesos each month. Normally, Bancomer would take out the tax each month but did not in this case. Odd that now SAT asks for the tax. In 2014 the tax was rescinded.

My point being, interesting in how SAT is gaining in sophistication to monitor people's financial activities. We now know of others being asked to pay tax based on 2013 cash deposits.

Sonia

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what is he investing the money, the 3 per cent Tax is gone. did not work.

the government only now records when a deposit of 15.000 pesos cash in deposited in a month

is the money in a Mexican mutual fund, where he getting dividends and capital on his investments.

there is a tax as of January 2014 now on some investment income

there is no tax on deposits

need more information on their account to understand their situation.

tell them to go to bank manager and have them explain to them whats up

then post it here

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Sounds like they may be trying to hit him for IDE, ISR and possibly IVA judging by the amounts.

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If he had the check direct deposited into his Bancomer account, he would have avoided this.

The problem is that he is depositing cash, and a large amount of it.

Exactly.

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As a follow up, an accountant went to SAT on behalf of my client and by proving income was social security the requirement to pay was waived.

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Still a good reminder to those who have not paid attention in the past...........or perhaps have arrived since these rules went into effect.

DO NOT deposit more than $15,000 (maybe better make that $14,999) pesos CASH in a Mexican bank account in any one month.

Cheques and wire transfers are excepted.

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Actually SAT is tracking all international transfers over $1,000US. Also the banks may report cash deposits over $5,000 pesos, mandatory reporting is over $15,000. Even in the US they will report cash deposits for as little as $3,000 to $5,000US in some areas and with some banks.

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