SAT 2021: what you should know about cash deposits and paying taxes

What should I know about the Tax on Cash Deposits

At the beginning of the year, people living in Mexican territory must comply with their tax obligations. One of the most important is the related with the Tax on Cash Deposits (IDE), tax that is charged when you pay liquid resources in bank accounts in your name.

Below we will tell you everything you need to know about said tax, so that you can prepare to pay it if it is the case.

Who and when is it presented

They must declare it Financial Institutions that pay interest, when the accumulated monthly amount of cash deposits in the accounts of a natural person taxpayer exceed the 15,000 pesos, as well as with respect to all cash acquisitions of cashiers checks.

There are two modalities, the first must be carried out no later than the 10th day of the calendar month immediately following the corresponding one; and the second, no later than February 15 of each year.

There are two ways to file the IDE declaration (Photo: Pixabay) 

The Tax Administration Service (SAT) indicates that the obligation to fulfill is “To declare the cash deposits made in the accounts opened in the name of the taxpayers in the Institutions of the Financial System”.

Thus, the objective is “to comply with the obligation established in the Law on Income Tax to report on the cash deposits made in all the accounts of which the taxpayer is the holder in the same Institution of the Financial System ”.

The IDE is collected by the SAT since 2008, was part of the Executive’s Tax Reform package, then chaired by Felipe Calderon Hinojosa. Initially, it was intended to tax excess deposits of 25 thousand pesos with 2%; in 2009 a change was made to the law to reduce the amount to 15,000 and increase the collection to 3 percent.

This tax was intended to increase tax collection in the informal trade sector that totally or partially omits the payment of other taxes such as ISR, the Value Added Tax (VAT), and the Business Flat Tax (IETU).

The CDMX Finance Secretariat will offer discounts on some taxes (EFE / José Méndez)
 

There is another series of payments that must be made at the beginning of the year, within these are taxes such as property, water and tenure, the latter for those who have a car.

However, due to the coronavirus health crisis, some state administrations have decided to make discounts on these, to ensure that people comply with the obligations that correspond to them.

For example, Secretariat of Finance of Mexico City It will grant discounts in the payment of the property for citizens who pay the debt in advance. This means that the profit will be 10% in January and 6% in February.

Meanwhile, there will be a remission of 30% or a fixed fee in the same tax for vulnerable groups. Further, It is proposed to maintain the 100% subsidy for the tenure tax or use of vehicles from January to March in vehicles less than or equal to 250,000 pesos and the 50% discount in the Property Acquisition Tax (ISAI) in case of inheritances.

To make these payments, the agency developed an online process system to make payments from home.

– As a first step, you must enter through the Internet to innovacion.finanzas.cdmx.gob.mx/sinpapel to enroll in the program “Paperless is Easier”.

– Then, you have to enter a valid email account and your personal data.

– Finally, you will receive an activation message to complete your registration in “Paperless is Easier”. Once the account is activated, you will be able to access the service tab of the property or the one you need to settle.