Banks will have to notify the SAT of cash deposits every month

The Tax Administration Service (SAT) confirmed that banks must notify each month if an account holder has received cash deposits greater than 15,000 pesos, in accordance with the ninth resolution of modifications to the Miscellaneous Fiscal resolution published this Tuesday on its page the corresponding format.

Financial institutions had to report these deposits to the SAT each year. However, as part of the Miscellaneous Fiscal 2022, Article 55 of the Income Tax Law was modified, with which it will now be monthly.

Jesús Rodríguez Ambriz, president of the Mexican Association of Public Accountants (AMCP), commented that although it was already in the ISR Law, the format of how the financial system has to send the information was missing.

He considered that with this change the SAT will be able to tighten the control of taxpayers more.

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“The federal treasury is perfecting each year how to collect faster and fix errors that affect collection. One of those reasons is that the declarations were made on an annual basis, this means that when the SAT reviewed it had a lag of up to five months when the declaration was presented”, he told El Economista.

In addition, the president of the AMCP explained that with the monthly change in the information on deposits of more than 15,000 pesos in cash, the treasury will be able to carry out reviews more quickly and detect people who, possibly, engage in money laundering and , if it were the case, block the bank accounts.

Banks will hardly declare cash deposits that exceed 15,000 pesos per month. Although it was already in the Income Tax Law, there was no format for how to send them, there is the detail, ”he insisted.

Banks report cash deposits to the treasury since 2014.

Mexico complies with the BEPS Inclusive Framework

Thus, Mexico continues to adhere to what the Organization for Economic Cooperation and Development suggests in its Inclusive Framework on base erosion and profit shifting (BEPS). “Mexico complies with the international norm, taking care that money laundering is not used for lawful acts,” said Rodríguez.

This framework consists of 15 actions to address tax evasion, improve the consistency of international tax regulations and ensure more transparent taxation.

santiago.renteria@eleconomista.mx