November 30, 2023

Brighton Journal

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What comment to put in exchange to avoid paying tax

What comment to put in exchange to avoid paying tax

While doing a Wire transferIt is important to mention that Opinion, reason or justificationn after said operation. This may raise some questions as to whether the choice of cause has tax consequences; That is, if we choose the appropriate concept, we can Avoid paying taxes.

In this context, it is important to emphasize that there is no specific reason that allows avoiding tax obligations when making transfers.

Also, in general, the Tax liability falls on the beneficiary of the transfer, so the chosen cause usually acts as a reference to the said beneficiary.

In other words, in situations The transaction is tax exempt, the concept can provide additional information to support the receiver side and provide resources to the sender in case of conflict. This is especially true when paying in advance to buy real estate.

As for the concepts that can be used, the variety depends on the financial institution, as the bank is responsible for establishing the options to “specify” the transfer of funds.

When we transpose, we must specify the concept that supports it

For example, in the case of Banco Santander, the following comments can be added: Rents, capital contributions, customary registrable assets, unusual registrable assets, fees, expenses, invoices, salaries, fees, customary real estate, real estate, loans, insurance, subscription to negotiable obligations and others.

In each section, a 12-character reference may be included (in other financial institutions, this limit may be wider or almost non-existent). Transactions involving “registrable non-registrable assets”, “registrable non-registrable assets”, “regular real estate” and “negotiable subscription” require a declaration under oath, confirming that the concept of transfer is effectively indicated.

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What activities are taxing?

All silver transactions are tax free. Remember that when you receive a transfer, you will pay the relevant 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 outstanding difference through a Electronic Payment Flyer (VEP), unless you are a member of Integrated Monotax. Additionally, if the transaction received is similar to a commercial sale, you must provide an invoice for the same as per applicable tax regulations.

At the same time, for example, Taxes are not payable on transfers made by end-users of financial services, or if the same person or legal person is the sender and receiver of the transfer, or if the action is carried out or the accounts are requested for judicial use..

As for Compliance with tax obligations In relation to bank transfers, the burden usually falls on the recipient of the funds. The sender has no direct obligation to pay tax in connection with the transfer.

However, it is important to highlight that the purpose or nature of the transfer will affect the tax implications for the beneficiary. For example, in some jurisdictions, cash transfers that are treated as income may be subject to income taxes.