Do you usually pay for your purchases with credit or debit cards? You should know that from the first month of this year, the Tax Administration Service (SAT) will be monitoring the purchases you make with cards.
Taxpayers’ purchases will be recorded in order to automatically create an electronic invoice, this in order to clarify tax issues. The objective is that the SAT can have a control of what taxpayers spend and at some point detect some type of evasion.
The SAT will be monitoring your card purchases. Photo: Pixabay
Although this provision had to be activated in 2020, it was only now that it came into force, for some this is not the best measure since if the SAT detects that a person spends more than they earn there could be a problem, especially now that they can monitor the movements that are made with the cards.
On the other hand, if the SAT detects any inconsistency, it could apply fines or surcharges, so that now the expenses, investments, payments and deposits of the taxpayers will be monitored.
This new measure would work as follows:
The SAT would ask banking institutions for a report on the total that taxpayers paid with their credit cards, it can be throughout the month or year. In this way, you will be able to have the necessary information to determine if taxpayers have extra expenses.
If so, you have the authority to send requirements or letters to taxpayers to explain the surpluses they have. So now you know, if you usually pay for all your purchases with cards or you usually spend more than your income, that could represent a problem for the SAT.
For more information on this and other topics visit our Credits Section.