Tax on Mexican senior's pensions
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CanuckBob
SunshineyDay
Lady Otter Latté
cypress
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Tax on Mexican senior's pensions
Since AMLO brought in pensions for senior Mexicanos some Mexicans may be surprised that they may have to pay tax on this income
cypress- Share Holder
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Re: Tax on Mexican senior's pensions
cypress wrote:Since AMLO brought in pensions for senior Mexicanos some Mexicans may be surprised that they may have to pay tax on this income
Yes. And ….
Lady Otter Latté- Share Holder
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ferret likes this post
Re: Tax on Mexican senior's pensions
things are changing in MexicoLady Otter Latté wrote:cypress wrote:Since AMLO brought in pensions for senior Mexicanos some Mexicans may be surprised that they may have to pay tax on this income
Yes. And ….
cypress- Share Holder
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Re: Tax on Mexican senior's pensions
And? Speak up
SunshineyDay- Share Holder
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ferret likes this post
Re: Tax on Mexican senior's pensions
SunshineyDay wrote:And? Speak up
Speak up to whom? Where?
Lady Otter Latté- Share Holder
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Re: Tax on Mexican senior's pensions
I would imagine they are withholding the taxes right at the source. No?
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Re: Tax on Mexican senior's pensions
I can't imagine that would be very practical here. For many of the seniors in question, it is their only income and they would still fall far below the poverty line. Is there a minimum amount, as in Canada or the U.S., where they are exempt from taxation?
ferret- Share Holder
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Re: Tax on Mexican senior's pensions
I’ve never known of individuals filling out year-end tax forms.
Jreboll- Share Holder
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Re: Tax on Mexican senior's pensions
It's the direction in which Mexico is headed and I think the first step is the mandatory RFC number for all over 18.
ferret- Share Holder
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Re: Tax on Mexican senior's pensions
CanuckBob wrote:I would imagine they are withholding the taxes right at the source. No?
No, as far as I'm aware taxes are paid on a monthly basis, not withheld. And my accountant told me that at the end of the year, doing the yearly filing, there are things you can deduct from any taxes owing, like medical and dental costs for which you have a factura.
mudgirl- Share Holder
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Re: Tax on Mexican senior's pensions
From the article below:
"Mexican employers are required to withhold income tax on any remuneration paid to employees at the rates established, and they must remit the withheld taxes generally by the 17th of the following month."
https://oxfordbusinessgroup.com/overview/returns-returns-layout-tax-rules-foreign-investors
"Mexican employers are required to withhold income tax on any remuneration paid to employees at the rates established, and they must remit the withheld taxes generally by the 17th of the following month."
https://oxfordbusinessgroup.com/overview/returns-returns-layout-tax-rules-foreign-investors
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Re: Tax on Mexican senior's pensions
ferret wrote:I can't imagine that would be very practical here. For many of the seniors in question, it is their only income and they would still fall far below the poverty line. Is there a minimum amount, as in Canada or the U.S., where they are exempt from taxation?
The current "personal exemption" amount in Canada is $13,229.00 CAD. Those earning up to/or less than this do not pay taxes OR if they were withheld by an employer they will get all their taxes refunded when they file their return.
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Re: Tax on Mexican senior's pensions
But if the employer did not know the employee receiving the money was getting a pension, more money should be withheld. Only the government could sort that out.CanuckBob wrote:From the article below:
"Mexican employers are required to withhold income tax on any remuneration paid to employees at the rates established, and they must remit the withheld taxes generally by the 17th of the following month."
https://oxfordbusinessgroup.com/overview/returns-returns-layout-tax-rules-foreign-investors
cypress- Share Holder
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Re: Tax on Mexican senior's pensions
CanuckBob wrote:From the article below:
"Mexican employers are required to withhold income tax on any remuneration paid to employees at the rates established, and they must remit the withheld taxes generally by the 17th of the following month."
https://oxfordbusinessgroup.com/overview/returns-returns-layout-tax-rules-foreign-investors
Ah, that's a different scenario, then, as it is dealing with the taxes an employer has to submit for its employees. Airbnb does the same thing- withholds the income tax owing as well as half the IVA charged to the guests on a booking and submits it to SAT. (As well as the occupancy tax if that applies in one's state)
I would imagine most seniors in Mexico who receive a senior's pension wouldn't show enough income to need to pay any taxes, but I haven't read the law regarding paying taxes if you have under a certain income.
mudgirl- Share Holder
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Re: Tax on Mexican senior's pensions
Apparently now the Mexican powers-that-be are now enforcing facturas for DONATIONS given to charity organizations (per a local bazar owner..) So no Not-For-Profit organization tax benefits here in Mexico.. Imagine AMLO's push for the RFCs for all will result in more created fees, permits, legalized graft than is already occurring. The amount of money collected in the US by IRS, states, utilities must torture him. As the 1% & political class in the US have created a huge tithing scheme, guess he figures he & cronies can do the same, build his 'legacy'..
caligirl108- Share Holder
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Re: Tax on Mexican senior's pensions
But just because a factura is issued doesn't mean that tax would be charged on a donation to a non-profit. A factura is simply an official record of payment.
The taxes owing vary depending on the business classification. For instance, I have run an upholstery business for 16 years. I had to submit facturas to SAT for my income, but because I earned under a certain amount in a year, I was not subject to income tax.
That changed at the beginning of this year, when they revamped the tax system, but I will also have deductions I can take at the end of the fiscal year that will lower the taxes owing.
The taxes owing vary depending on the business classification. For instance, I have run an upholstery business for 16 years. I had to submit facturas to SAT for my income, but because I earned under a certain amount in a year, I was not subject to income tax.
That changed at the beginning of this year, when they revamped the tax system, but I will also have deductions I can take at the end of the fiscal year that will lower the taxes owing.
mudgirl- Share Holder
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