Mexican authorities may block accounts if dollar deposits are not reported in accordance with the Tax Code.
The Tax Administration Service (SAT) reiterated to taxpayers their obligation to report income in dollars deposited in bank accounts in Mexico.
The measure, based on the Federal Tax Code, seeks to strengthen control over foreign currency transactions and ensure transparency in the tax system.
Photo: Sergio Acero Yate
According to the tax authority, deposits in dollars, especially when made frequently or for large amounts, must be included in the corresponding tax returns .
In the event of omissions, taxpayers could face penalties ranging from warnings to the temporary blocking of their accounts.
Supervision of foreign exchange operations The SAT has strengthened its oversight of financial transactions in dollars within the national banking system.
This supervision applies to all individuals and legal entities, but is especially relevant for those who receive income from abroad , such as independent contractors or digital service providers.
In addition to declaring deposits, these taxpayers are required to issue Digital Tax Receipts (CFDI) online for each income, regardless of the currency in which it is received.
Banks can block cards if they're not used. Photo: iStock
In situations where unreported deposits are detected, the SAT may order the temporary freezing of bank accounts. This type of measure is usually associated with tax debts, errors in the information submitted, or irregularities in tax returns .
In the event of a blockage, taxpayers should contact their financial institution to confirm the situation and then go to the SAT to find out the reason and what steps to take.
In many cases, it will be necessary to cover the debt or correct the information before the account can be unblocked.
Recommendations to avoid sanctions The tax authority recommends that users of the banking system:
- Review your tax returns periodically.
- Make sure to include income in foreign currency.
- Issue the corresponding CFDI for each transaction.
- Keep records and receipts that support your financial transactions.
Compliance with these obligations helps avoid legal setbacks and contributes to maintaining an orderly and transparent tax system .
More news in EL TIEMPO *This content was written with the assistance of artificial intelligence, based on publicly available information released to media outlets. It was also reviewed by a journalist and an editor.
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