Mexicans with US Bank Accounts Could Lose More Than Half of What They Have El Jefazo - The Fulano Forum
go to original July 10, 2016

Since last year, Mexican authorities have now detected more than 170,000 people with accounts in the United States, and as of July the Tax Administration Service (SAT) could fine those persons who have not complied with their tax obligations. A fine could take up to 60% of the amount they have in those banks.

Since the middle of 2015, the SAT has warned Mexicans who repatriate their capital, so as to not face audits starting this month, in which fines could be imposed in amounts depending on the income levels they have, or in the worst case even criminal complaints.

"The SAT is looking to open up an international panorama, where they can identify who, how, how much and why this income was obtained and if it is illegal or not," said Tijuana tax attorney Adolfo Solis to Telemundo.

The information on more than 170,000 accounts was derived from the Foreign Account Tax Compliance Agreement, a mechanism created in 2010 to detect those citizens and force them to pay their taxes.

If their annual tax returns omit these accounts, their data is certainly ear-tagged by the SAT to be audited this month.

See the original at The Fulano Forum

Photo: Premier Offshore

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