Thursday, February 2, 2023

Can you have cash at home without declaring it to the SAT?

Can you have cash at home without declaring it to the SAT? As you probably already know, the Tax Administration Service (SAT) is an organization of the Mexican government in charge of collect taxes and enforce tax law in Mexico.

SAT is an autonomous body under the Ministry of Finance and Public Debt. It is the right of the government before which You have to declare practically everything that is related to money,

cash is still very common Well, not everyone is familiar with mobile banking, or simply, there are people who like to have cash on hand for an emergency.

Can You Have Cash at Home Without Declaring the SAT?

In terms of tax law, it’s not illegal to have cashAlthough, yes it is essential declare and prove the origin of that money to the Tax Administration Service (SAT)This is aimed at avoiding problems with the tax entity.

SAT: Can you keep cash at home without declaring it? / dark room

You should know that if you have undisclosed deposits, you should consider There are restrictions on the use of cashespecially if you’re going buy property or car, keep this in mind SAT sets a threshold amount,

For example, If you are going to buy real estate and you will pay cash, Financial officers must be informed country and for SAT if the amount exceeds 719 thousand 200 pesos.

If you are planning to buy a car, cash limit amount with which you can pay 287 thousand 680 pesos, This limit amount set by SAT also applies to the buying and selling of jewelry, real estate leasing, and gambling.

Meanwhile, for cash deposit A specific threshold amount has not yet been set, but banks give notice when you receive more than 15,000 pesos in cash in your account.

Thus, if you exceed the cash usage limit, SAT can interpret that there is a tax discrepancy between your income and expensesThis is in accordance with the Federal Law on the Protection and Identification of Operations with Resources of Illegal Origin.

Among the main functions of SAT are:

– tax collection: SAT is responsible for collecting the taxes that must be paid by individuals and corporations in the country. It includes income tax (ISR), value added tax (VAT) and other taxes established by law.

– control of tax validity: SAT is responsible for verifying that people and companies comply with their tax obligations and that there is no discrepancy between their income and expenditure.

– Tax Information Management: SAT is responsible for collecting, processing and using tax information of individuals and companies in the country. This information is used to verify compliance with tax obligations and to make decisions on tax matters.

Can you have cash at home without declaring it to the SAT? / dark room

– Taxpayer Note: The SAT has a range of taxpayer support mechanisms, such as telephone and online support services, to help individuals and companies comply with their tax obligations.

– Training and Mentoring: SAT provides training and advice to individuals and companies so that they know and adequately comply with their tax obligations.

The main job of the Tax Administration Service (SAT) is to collect taxes and enforce tax law in Mexico.

Through its control and verification activities, SAT can detect various offenses relating to non-compliance of tax obligations.

Some of the main crimes detected by the SAT:

Tax evasion: This includes voluntary non-compliance with tax obligations, such as not declaring all income or using mechanisms to reduce the amount of taxes to be paid.

– Fiscal Fraud: It refers to the use of illegal means to avoid or reduce the payment of taxes.

– Tax Avoidance: It involves the use of legal mechanisms to reduce the payment of taxes, but which basically seeks to evade the tax law.

Offenses against public exchequer: It refers to any action that is intended to harm or undermine the economic interests of the state.

– Corruption: This includes the acceptance or offer of bribes by officers or employees of SAT to avoid or reduce the payment of taxes.

In the event of any of these offenses being detected, the SAT may initiate a criminal or administrative process to sanction the individuals or companies responsible.

Nation World News Desk
Nation World News Desk
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