Inter account bank transfers – Presumed as taxable income
The Tax Administration Service (“SAT”) has recently assumed bank transfers between a taxpayer’s accounts as taxable income. A determination from SAT must be challenged.
The Federal Court of Administrative Justice has recently issued a ruling that lists the proper documentation to eliminate the presumption of the “taxable income” of the inter-account wire bank transfers. From this ruling (published on June 25, 2021), taxpayers must support their bank transfers with the following documentation:
- Account statements.
- Accounting work papers.
- Copy of the receipt specifying the amount and the account from which the deposit is made.
- Check number or transfer report.
- Number and name of the bank account opened in the name of the taxpayer where the outgoing deposit is shown.
- Origin of the deposited amount.
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