The Tax Administration Service (SAT) clarified that it will not charge taxes for cash deposits made in banking institutions, also stressed that it has the commitment to carry out both the fiscal policy and the tax policy of the country, which was presented accordingly. Tax Miscellany 2022.
“It is false that the SAT seeks to collect taxes on cash deposits made in banking institutions. It is important to clarify 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, “explained the agency through a press release.
The confusion was generated as a result of the proposal made by the Ministry of Finance to include in the 2022 Economic Package that banks provide information related to cash deposits on a monthly basis and not annually, as is currently handled.
“It is important to clarify that the SAT does not charge taxes for cash deposits and it was not included in this fiscal miscellany. The proposal that was made in this regard revolves around financial institutions providing monthly information on those taxpayers who are undergoing an audit, inspection or review process by the SAT ”, he added.
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In the event that an inconsistency is detected between expenses and income, the SAT may request the information on your deposits from the financial institutions that have this information. This request is made to avoid tax fraud such as Panama Papers or Pandora Papers.
“It is worth mentioning that these audits are carried out annually to a very small percentage of the taxpayer universe, since from 70 million only approximately 10,000 are reviewed per year; the information of what these taxpayers declare is crossed with the bank deposits and it is compared with the data provided by the financial institutions ”, added the SAT.
When the taxpayers are in the review process, the banks will be obliged to inform the SAT on a monthly basis of the cash receipts for a more exact inspection that helps in the audits that are being carried out.
In this case, banks must inform the SAT before the 17th of each month. This amendment seeks to streamline and make audits more efficient and therefore more expeditiously combat tax evasion.
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