By THE PULSE NEWS MEXICO STAFF
In an effort to increase the government’s already-tight control on private bank account movements, Mexico’s new 2022 Income Law, promoted by the Secretariat of the Treasury (SAT), would require banks and other financial institutions to provide monthly reports, instead of the current annual reports, on all cash deposits received by account holders amounting to over 15,000 pesos.
Elio Zurita, from the Tax Investigation Commission of the College of Public Accountants of Mexico City, explained that banks must already report cash deposits of more than 15,000 pesos, but on an annual basis.
The proposed modification to Article 55, Section IV of Mexico’s Income Tax Law establishes that the SAT must now have “timely information” on a monthly basis.
The new ruling would only apply to cash deposits, so people receiving account deposits in the form of checks or electronic transfers greater than 15,000 pesos would not need to be reported by the banks.
By the same token, cash deposits amounting to less than 15,000 pesos a month would not have to be reported to the treasury.
The objective of the new ruling, according to SAT sources, is to detect possible discrepancies between taxpayers’ monthly declarations and income.