In December, it is common for many people to organize or participate in batches to save extra money to help cover the expenses of the Christmas and New Year festivities. Therefore, it is crucial to know the rules of the Tax Administration Service (SAT) Regarding this practice in Mexico, to avoid sanctions and enjoy the celebrations without worries.
Can SAT charge you fines if you receive or pay batches in November? Find out below.
What is a tanda in Mexico?
A tanda in Mexico is a very popular informal savings method that consists of a group of people who organize to contribute a fixed amount of money at regular intervals, such as weekly or biweekly. Each member of the group receives the accumulated total in a given turn, which is established at the beginning of the process through a drawing or agreement.
This system builds trust among participants and allows those who do not have access to formal financial services to save collectively.facilitating the obtaining of significant amounts to cover important expenses or make investments. Although it is a common practice, It also carries certain risks, such as lack of regulation and the possibility of defaults.
Can they charge you taxes for participating in batches?
The SAT does not charge a specific type of tax for batches in Mexico. However, if it is detected that the participants are hiding income derived from this type of activities or are using the batches As a form of investment that is not properly reported, penalties or fines may apply.
When could the SAT intervene in the rounds?
Although the tandas are, for the most part, informal and personal agreements, The SAT can intervene if the amounts handled are large or if conduct that contravenes tax regulations is detected.
Therefore, it is important to know that in case of receiving transactions with amounts greater than 15 thousand pesos, It is recommended to declare this income to prevent audits or sanctions. If the amount exceeds the amount of 15 thousand pesos, You must add it as “income” on your annual tax return.
Staying informed about these regulations is essential to celebrating without problems.
FP