Warn employers about FATCA law
Thanks to an agreement between the Department of Revenue’s Tax Administration Service (SAT) from September 30, all information regarding Mexicans with bank accounts in the United States and American citizens with bank accounts in Mexico agreement is being mutually sent.
During the monthly breakfast Coparmex, the tax lawyer Jorge Alberto Corona Pickett spoke about Law on Foreign Account Tax Compliance (FATCA and warned that this could cause problems of a fiscal nature for border residents. “It’s a fairly common situation have bank accounts abroad and that will embarrass US citizens living in Mexico and who have not declared their revenues from Mexico,” he said.
Pickett emphasized Crown the American citizen has an obligation to provide information about their bank accounts in Mexico and vice versa way because otherwise it could cause problems of tax evasion. “There are currently several ways in which regularization it may stick US citizens and if Mexican citizens, but there is a total release from the payment of taxes, “he said.