Despite the fact that the SAT in recent days reported that it is false that cash deposits are monitored, we consider that said statement is not entirely true, so we invite you to analyze this article.
The Institutions of the Financial System that pay interest are obliged to present the "Declaration of Cash Deposits", which must be presented when one of the taxpayers makes more than $15,000 pesos of cash deposits even when they are from different bank accounts .
That is, if you make cash deposits in a financial institution for more than $15,000 pesos per month, even when it is in different bank accounts, the financial institution is obliged to report it to the Tax Administration Service (SAT) on a monthly and annual basis. , the foregoing also applies to cash purchases of cashier's checks.
What does the SAT understand by cash deposit?
For the SAT, cash deposits are: “Deposits in national or foreign currency that are made in any type of account that natural or legal persons have in their name in the Institutions of the Financial System, as well as cash acquisitions of cashier's checks.” So the SAT NO considers as cash deposits those made to natural or legal persons through electronic transfers, account transfers, titles of credit or any other document or system agreed with the Institutions of the Financial System.Do I have to declare cash deposits?
Yes, cash deposits must be declared by natural or legal persons, regardless of whether they are less than $15,000 pesos per month or not. Depending on whether it is an income, loan, capital contribution, among others, we must give it the tax treatment that the laws stipulate.
If I receive income in cash, should it be invoiced?
Even when we collect our services or goods in cash, the law does not exempt them from invoicing them. This is why the income of our business must be invoiced even when it is in cash and not by electronic means.
Conclusions
We invite you to analyze your operations with cash to find us in compliance with our tax obligations and avoid the omission of income if they are made in cash. Although the Tax on Cash Deposits (IDE) was repealed, these must be accumulated for Income Tax purposes and could generate Value Added Tax depending on the taxpayer's activity.
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