SAT: Could interbank transfers between own accounts cause a conflict?

A person can have one or several bank accounts. (Photo: Cuartoscuro)

Every day, dozens of people make interbank transfers between their own accounts, but could this action cause problems with the SAT? According to specialists, this practice will not generate taxes, but it will trigger other conflicts.

In addition, it will also be necessary to remember that the Tax Administration Service (SAT) has repeatedly reiterated that it is false to seek to collect taxes on cash deposits made in banking institutions.

According to specialists, transfers registered from account to account and duly identified with the Federal Taxpayer Registry (RFC), do not generate taxes. However, they stated that there are certain cases in which such transfers between own accounts are often confused with other income.

This could reflect atax discrepancy”, that is, the movements could be considered as additional income, so it will be necessary to identify them.

Alternatives can be explored.  (Photo: Cuartoscuro)
Alternatives can be explored. (Photo: Cuartoscuro)

To do?

The taxpayer must show that it is their own loans and not income of any kind.

To do this, you can present an account statement, or a copy or receipt specifying the amount, payment method and, of course, in your name.

The SAT does not monitor cash deposits

Since December 2021, the treasury has clarified that it is not true that it will collect or monitor cash deposits.

In addition, he clarified 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 will not be monitored, nor will it charge any type of tax.

And it is that the previous confusion was generated as a result of the proposal made by the Treasury to include in the 2022 Economic Package that banks deliver information related to cash deposits on a monthly basis and not annually, as is currently handled.

For this reason, the SAT insisted that it does not charge taxes on cash deposits and it was not included in this year’s fiscal miscellany either.

In this sense, it will be necessary to remember that the proposal that was made in this regard revolves around financial institutions providing monthly information on those taxpayers who are undergoing an audit, oversight or review process by the SAT.

If an inconsistency between expenses and income is detected, the SAT may request information on your deposits from the financial institutions that have this information. This request is made to avoid tax fraud such as those of the Panama Papers or the Pandora Papers.

According to the SAT, audits are carried out annually on a very small percentage of the universe of taxpayers since, of 70 million, only approximately 10,000 are reviewed per year.

The exercise they lead is to cross-reference the information that these taxpayers declare with bank deposits and compare it with the data provided by financial institutions. When taxpayers are in the review process, banks will be required to inform the tax authority on a monthly basis of cash income for a more accurate control that contributes to the audits that are being carried out.

To do this, banks must inform the SAT before the 17th of each month. This modification seeks to speed up and make audits more efficient and therefore combat tax evasion more expeditiously.


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