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Do you borrow your credit card? Insurance problem with SAT

Wrote MONEY the

You might be one of those people who usually lends to you Credit card to your friends or family for them to buy, however, you should consider a few factors.

The Tax Agency (SATURDAY) can tell the difference between what you bring in and what you spend, which he calls tax mismatchand then it will determine that you have skipped tax paymentwhen it is up to you, as a taxpayer, to declare it.

tax mismatch

The tax mismatch It happens when the tax authorities verify that a person’s outlay (what he spends) in a calendar year is higher than the declared income.

Although this can be seen as a good thing because purchasing power has grown, it is a warning sign for the Treasury because it means that the person is paying income tax (ISR) less than it should. To determine a person’s expenses, all their expenses are taken into account, from purchases, deposits in bank accounts, investments or credit card purchases. Other income such as donations, winnings and personal loans exceeding 600 thousand pesos are also taken into account.

All charges from your credit card are managed by SATURDAY and despite the fact that your family member or friend agrees to settle you on time with cash, a purchase for some concept that is higher than your income is reflected in the calculation of taxes and may include penalties for not reporting additional income.

What does the SAT do when it detects a tax discrepancy?

The SATURDAY has figured out how to proceed when these potential crimes are discovered:

  • Notifies the person of the discrepancy and the amount for which it was detected.
  • The person will have 20 days to notify in writing and provide evidence to prove the remedy required by SATURDAY.
  • If the person proves the origin of that money, then SATURDAY considers it as omitted income and has to pay the corresponding taxes.

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