Did you sell your used car? Notify the SAT and avoid fines

The sale and purchase of cars in Mexico is an activity that is supervised by the Tax Administration Service (SAT) and as a taxpayer it is necessary that you notify all movements to avoid problems such as fines, surcharges or audits. In this way it will not affect future credits that you want to take out.

Whether you have sold or bought a car, if you do not notify the SAT of these transactions, you may be subject to a fine ranging from 1,400 to 17,370 pesos, according to the Regulations of the Federal Tax Code. Next, we tell you what you should do in either case, so as not to have problems with the government agency.

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What happens when you sell your car?

When the sale is made between individuals, it must be notified in the annual declaration, even if you are not registered in the RFC, if this is the case you must register. The taxable amount is on the profit from the sale. It is calculated by taking out the utility, subtracting the amount for which it was sold from the price for which it was purchased and the higher the profit, the same way the taxes that will be charged.

If the sale is to a company, there is no tax charge as long as the transaction is not greater than 175 thousand pesos, which is the maximum deductible amount. For this reason, it is more recommended that the purchase be with a legal entity, where you will not have to worry about fines and payments.

What happens when you buy your used car?

Being a buyer your situation improves because you can deduct the purchase of the car from your statement if you are in the fee regime, business activity or tax incorporation, although your limit will only be for a maximum of 175 thousand pesos. This is only for when the transaction is made with a company because when it is with an individual, you will not be able to receive an invoice.

Another fact to consider is that, in accordance with the Law Against Money Laundering, any transaction made for more than 250 thousand pesos will be subject to review by the SAT.

For more information on this and other topics, you can visit our Tips section.

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