MAXIMUM AMOUNT OF CASH THAT MAY BE DEPOSITED OR RECEIVED BY INDIVIDUALS AND CORPORATIONS IN THEIR BANK ACCOUNT

Dear clients and friends:

          The purpose of this bulletin is to provide you with information regarding some of the tax provisions applicable for 2022, specifically, a reminder about the maximum amount of cash that can be deposited or received in the bank account of individuals and corporations in Mexico.

          As of fiscal year 2022, the maximum amount of money that taxpayers may deposit and receive in cash in their bank accounts is $15,000 pesos, since, although the Tax Administration Service (SAT) does not currently collect any tax for cash deposits above that amount, this does not mean that it does not monitor taxpayer’s bank accounts.

          In this sense, according to the provisions of the Income Tax Law (ISR), cash deposits are understood as deposits in national or foreign currency that are made in any type of account that individuals or corporations have at their name in the Institutions of the Financial System, as well as cash acquisitions from cashier’s checks.

          It is worth mentioning that electronic transfers do not fall into this situation, since they are not considered cash operations; therefore, it is possible to receive more than $15,000 pesos without these operations being reported to the SAT.

          Now, when the amounts deposited or received in the taxpayer’s bank accounts for cash deposits exceed $15,000 pesos per month, they must be reported to the SAT, however, those in charge of doing so will be the Institutions of the Financial System, as established in Article 55, section IV of the Income Tax Law, as follows:

 “The institutions that make up the financial system that pay the interest referred to in the previous article, will have, in addition to the obligations established in other articles of this Law, the following:

 …

IV. Provide monthly, no later than the 17th day of the immediately following month, the information on the cash deposits made in the accounts opened in the name of the taxpayers in the institutions of the financial system, when the monthly amount accumulated by the cash deposits made in all the accounts of which the taxpayer is the holder in the same institution of the financial system exceeds $15,000.00, as well as with respect to all cash acquisitions of cashier’s checks, in the terms established by the Tax Administration Service through rules of a general nature.

                                                                                                              …”

As we already mentioned, although the banks are in charge of reporting the amounts of cash deposits mentioned, in case of inconsistencies or amounts greater than $15,000 pesos, the SAT can carry out an audit to clarify the origin of said resources and, if the taxpayer fails to clarify the origin of said money, the SAT may claim the ISR payment for the amount in question, as well as revaluations by inflation, surcharges and, in some cases, penalties.

As always, we are at your service for any clarification, doubt or support you may require in order to correctly comply with your tax obligations.

The purpose of this newsletter is to inform about the most important publications on tax matters, without it intending to present the opinion of our Firm on the aspects discussed; Each case must be carefully analyzed to conclude on the correct interpretation of the provisions discussed here.

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