2023-10-25 10:37:11
When making a wire transferit is crucial to specify the concept, reason or justificationn behind said operation. This may raise some questions about whether the choice of reason has tax consequences; That is, if we choose the appropriate concept, we could avoid having to pay taxes.
In this context, it is important to emphasize that there is no specific reason that allows evading tax obligations when making transfers.
Furthermore, it is pertinent to point out that, in general, the responsibility to pay taxes falls on the beneficiary of the transfer, so the selected reason usually functions simply as a reference for said beneficiary.
In other words, in situations where a transaction is tax exempt, the concept can provide additional information both to support it on the part of the receiver and to provide evidence to the sender in case a conflict arises. This is especially relevant when making an advance payment for the acquisition of real estate.
As for the concepts that can be used, the variety will depend on the financial institution, since it is the bank that is responsible for establishing the options to “specify” a transfer of funds.
When we make a transfer, we have to indicate the concept that supports it
In the case of Banco Santander, for example, the following concepts can be included: rents, capital contributions, habitually registrable assets, non-habitually registrable assets, fee, expenses, invoice, salaries, fees, habitual real estate, real estate, loans, insurance , subscription to negotiable obligations and miscellaneous.
In each section, a 12-character reference can be added (although in other financial entities, this limit may be broader or almost non-existent). Transactions with reference to “Non-regular registrable assets”, “Non-habitual registrable assets”, “Regular real estate” and “Subscription to negotiable obligations” require a declaration under oath, ensuring that the concept of the transfer is effectively as indicated.
What operations pay taxes
Not all silver transactions are taxed. When you receive a transfer, it is important to keep in mind that you will pay the corresponding taxes depending on the origin of the transaction and your tax status.
For example, if it is Gross Income Tax, it is common for the bank to withhold a percentage of the transfer, usually around 2.5%. However, you will pay the pending difference through a Electronic Payment Flyer (VEP), unless you are a member of the unified monotax. Additionally, if the transaction received corresponds to a commercial sale, you will have to issue the corresponding invoice according to the applicable tax regulations.
While, for example, taxes are not paid for transfers made by end users of financial services, neither is tax paid if the same human or legal person is the one who sends and receives the transfer or if the operation is carried out from or to accounts to which judicial use view.
As for the compliance with tax obligations Related to bank transfers, the burden generally falls on the recipient of the funds. The sender has no direct obligation to make tax payments in connection with the transfer itself.
However, it is essential to highlight that the purpose or nature of the transfer can influence the tax implications for the beneficiary. For example, in certain jurisdictions, money transfers that are considered income may be subject to income taxes.
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