In compliance with legislative reforms against organized crime and tax evasion, we consider it important to remember the current context of the use of cash according to the LFPIORPI.
The LFPIORPI, also known as the Law Against Money Laundering , stipulates in its “Chapter IV. Use of Cash and Metals”, in Article 32; the prohibition of paying or receiving payments through the use of coins and bills, in national currency or foreign exchange and precious metals for the constitution, transfer of rights or property in the amounts
$824,007.00 (2019)
I. Real rights over real estate
$329,602.80 (2019)
II. New or used vehicles, be they air, sea or land.
III. Watches, jewelry, metals and precious stones by piece or lot, as well as pieces of art.
IV. Purchase of tickets, or payment of prizes, raffles or bets.
V. Provide armor services to the aforementioned vehicles.
VI. Transfer of ownership by titles in social shares or shares of companies.
VII. Lease of goods mentioned above
It is important to mention that the law establishes the amounts based on minimum wages, therefore, these amounts change with each update in the minimum wage at the time of each transaction.
We understand that these amounts are not ordinary, however exceeding the use of cash in any of these operations would mean a direct violation of the law and, at the same time incurring the assumption of carrying out operations with cash of illegal origin (with all the processes that the law applies).
For the sake of cleaning up tax collection, that is, combating organized crime, acts of corruption and tax evasion, this administration intends to reduce the use of cash.
However, this does not make the use of cash cease to be a legal and valid method, but it does require the taxpayer to know the limitations on the use of cash to help maintain a healthy fiscal situation and contribute to the payment of their obligations of fair and proportional way.
In the Despacho Contable de Xalapa, we are here to meet the accounting challenges of your specific case, so we invite you to contact us in case that requires professional accounting services.
