Saturday, January 28, 2023

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

if you decide to save Funds Your Savings in casait should be declared Tax Administration Service (SAT), This is one of the most common questions among taxpayers.

to decide whether to declare FundsLet’s start with the basics:

What is SAT and what is its function?

service tax administration is a decentralized administrative body of Ministry of Finance and Public Credit (SHCP), as the highest fiscal authority responsible for tax collection in mexicomanages Federal Taxpayer Registry (RFC), In which every person above 18 years of age has the obligation to register to contribute equally to the public budget.

What is RFC and what is it for?

RFC It is divided into two tax regimes: physical person(s) And this morale (companies), Both have an obligation to furnish accounts regarding the source of their income, so that they pay taxes commensurate with their income.

Can You Have Cash at Home Without Declaring the SAT?

Now that you have the above as a base, let’s move on to the original question: Can you keep your cash savings at home without declaring it on the SAT? the answer is yes, because cash Which you decide to keep at your home should have been announced earlier revenue officerIf not, you are obligated to declare it.

in tax termsnot illegal to have cash at home or elsewhere, apart from a Bank branch, However, what is needed is To declare why Believe Original of that money, to avoid problems with this tax entity, as there are restrictions or money limits with which you can make purchases in cash.

For example, if you are planning to buy a house or a car, cash limit With which you can pay:

  • estate: 772 thousand 165.50 pesos.
  • Vehicles, jewelry, stamps, armor or shares: 308 thousand 866.20 pesos.

In the event that you are going to pay for any of these concepts and it is more than the established amount, you will have to opt for either transfer or deposit Banking Institute.

Nation World News Desk
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