The Mexican government recently announced the entry into force of a new tax on cash deposits (IDE).
The IDE came as part of a tax package which was approved in autumn 2007. It applies to all cash deposits in national or foreign currency made by any person, whether registered to pay taxes in Mexico or not, into any type of financial account in their name, for amounts over 25,000 pesos. This applies either for amounts over this level paid in one deposit, or for the total amount of several deposits throughout the month.
The amount payable is calculated by multiplying the amount exceeding 25,000 pesos by the 2% rate.
Certain institutions and individuals are not subject to the tax, including: the Federation, certain public administration entities, non-profit entities, and financial institutions (on foreign currency purchase transactions).
Since 1st July, the tax has been collected by financial institutions, which then pass the levy proceeds to the Treasury.
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