Bank Rant: What's all this about 2% tax?

Discussion in 'Living in Cancun' started by Steve, Feb 18, 2009.

  1. Steve

    Steve Administrator Owner

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    So, I understand that now if you have more than 20,000 pesos go through your bank account in a month then you get 'taxed' 2% of anything over that by the bank. If someone pays me and I pay someone else and they pay someone else etc etc eventually there will be nothing left. And the banks, at least banamex, wont change $US directly into cash now you give them the notes and they pay the pesos in to your account.

    Surely, this just encourages people to keep large sums of cash at home, which is no good for the banks who have less on deposit and great for burglars who have a better chance of scoring high.

    What on earth is this all about? Is this a Govt thing or a bank thing? and does anyone have any suggestions as to creative ways of bringing a reasonably large sum of money into the country from abroad which doesnt involve depositing it in a bank account?
     
  2. RiverGirl

    RiverGirl Guest

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    I suggest carrying that money in your pocket! You can bring in up to $10,000 USD at a time without declaring it with Aduana. If you bring more than that amount you need to declare it, but you can still bring it. I know someone who brought more than $100K USD in cash in and had no trouble with Aduana, just had to fill out paperwork.

    I think, but don't know, that the new bank rules are the govt's way of making sure people pay some sort of income taxes... I think their collection rates are really low. So collecting from bank accounts makes sense to the small-minded politicians who thought this up. Don't quote me on this, but that's what I understood when I first heard about this.

    As far as I'm concerned it's just one more strike against the already useless Mexican banks...I'll keep my bank account in the US thank you very much.
     
  3. mormis

    mormis I can choose my own title Registered Member

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    Steve, i just talking with my dad about that... hes an accountant and this is what he explained to me:

    to begin with if you are a mexican citizen you are expected to pay taxes, so... supposedly every month you have to deliver 3 statements to Hacienda, one telling how much your rent taxes were (ISR), another one telling how much your value added tax (IVA) and a final one telling how much your (IETU).

    its a long process that im still studying but... the thing is... that 2% taken from the exceeding of 25,000 pesos (suppose u get 30,000 u would only get charged with 2% of the extra 5,000, not over the whole 30,000) you can take it off from the total that you were going to pay at the end, maybe im just confusing you more... but i dont really know this terms in english hahaha

    but at the end of the day they are not really "stealing" you that money they are taking it as an advanced tax payment. plus that 2% is only charged on cash deposits, so if you get your money as a wire transfer (not quite sure of the term) you dont get charged that 2%

    as discussed with my father (hahahaha actually he was the one doing all the talking, i just nodded) this is partly made because of the drugdealing... money laudering... it used to pass through people's accounts without anyone knowing about it, now with this tax if someone gets "supposedly" 1,025,000 pesos, they would only take away 20,000 pesos, which gives the bank a chance to notify Hacienda and you get audited... which will get tons of people in jail for not paying taxes...

    and my suggestion would be to open some sort of international account, i know banamex does it, it charges a minimum and you can get money wired from all over the world... without paying that silly 2%

    sorry again if my explanation was not good... i need a translation course hahahahaha

    by the way steve... i read we are gonna be a team at the beer olympics... hahahaha
     
  4. jenleib

    jenleib Addict Registered Member

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    Yes, it is a govt stupid stuff, as Norma says, supposedly to "control" money laundering :lol:

    You can send a wire transfer from UK (in your case, Steve), or from anywhere else, to your bank account, so no limit, but the fees are huge (so anyway you pay fees). I know at least HSBC and Scottiabank can open a US account for an individual and leave your money in USD. There is also Prudential bank.
     
  5. Life_N_Cancun

    Life_N_Cancun Guest

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    When I first heard about this, it was explained as a tax thing... so the question for a lot of tax-paying business people is, did my taxes just go up 2% or can I claim the 2% when I file my monthly taxes?

    & yes, it will lead to more people stashing their money under the bed, and in turn more robberies... so just another example of Mexico's genius government at work.
     
  6. RiverGirl

    RiverGirl Guest

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    The way I understood Mormis' explanation is that you can claim that 2% when you pay your taxes...that the gov't is just forcing you to pay the taxes, you will get credit for the amount your money is taxed while it's in the bank.
     
  7. mormis

    mormis I can choose my own title Registered Member

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    EXACTLY! well thats what daddy says hahaha but a lot of people dont really know this and dont claim it...
     
  8. Steve

    Steve Administrator Owner

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    Thanks for the detailed explanation Mormis (and Mormis's Dad!), it kind of makes more sense now. At least I now know it's a Govt tax rather than a bank charge - which means it's something we can discuss with our accountant in more detail.

    It does throw up a few other queries in itself though, I'm not a Mexican citizen and am not allowed to earn any income inside Mexico. So surely I shouldnt have to pay income tax, since there is no income. (Most of our income is paid from the US or UK to my UK accounts - anything earnt here is paid to Jannets company and income tax is paid). Also the money I'm thinking of bringing in isn't income either, it's savings and has already been subject to income tax laws of the country in which it was first received. If wire transfers are indeed exempt then I needn't worry about the above.

    I havent even got as far as checking out the bank charges at either end for a wire. What with conversion rates, wire charges and tax I can see maybe 8% getting eaten up before we even start.

    Physically carrying it in, I cant see working for me. It would be difficult to get enough pesos in the UK and I'm not sure £'s would be very exchangable in that quantity here. The cost of getting home and back again would probably be more than 2% too.

    Anyway Norma I shall look forward to being your partner at the beer olympics, we can discuss it further then!
     
  9. mormis

    mormis I can choose my own title Registered Member

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    steve, i actually asked my dad about that, of you not being mexican and of course u dont have to pay taxes... he said that the easiest way was for you to open a bank account and just make it international to receive the wires... of course the problem here would just be the charges of the wiring hahaha

    it would def. be more than 2%... well i dont really know... im just guessing

    Beer olympics! yay!!!!!! we're representing mexico... hahahaha
     
  10. Steve

    Steve Administrator Owner

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    Ok, I will look into that, thanks. We only have the one account in Jannets name with me as secondary at the moment - when it was opened I was still on a tourist visa.

    In the case of Mexicans though, what about someone who sells their car or boat or house for cash and deposits the proceeds in the bank, that shouldnt be subject to income tax either.
     
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