Following was sent to all HOA members at Princessa:
IF you rent your condominium.
This is to notify you of what we understand concerning the new Hacienda (SAT) , Small Business Tax Structure. All owners will need to comply with the new SAT laws that will be implemented January 1, 2014. If you are an owner of property and have income from that property you are required to register with the SAT.
The closest SAT office that you can register at is in Mexicali, you have to register in person. There is a possibility that there may be a mobile office in Puerto Penasco but this has not been determined yet. The individual owner will not only have to register with the SAT but will have to obtain a bank account with a debit card with electronic signature and electronic password ability. This will also open up owners to U.S.-F-BAR reporting requirements.
To open a Mexican bank account you will need a copy of your passport, a valid & updated migration document and a recent bill – power, phone, property tax or water.
This new income tax will be zero the first year but will go to 10% starting in 2015. The rate in 2015 will be based on your net income from 2014. There will also be an increase in the sales tax from 11% to 16% and also the 2% lodging tax. The net income will allow only expenses that are obtained through a factura to be deducted. This will not include anything bought in the U.S. or any other labor or materials purchased in Mexico that do not have a factura issued.
The rental companies will not be able to rent units that are not tax compliant without risking penalties from the SAT. SAT has made this an enforcement action for 2014. The plan is to find and penalize owners outside the system. The penalty may include moving you to the General Business Regimen that would have a tax rate of up to 35%.
This is a brief overview as we understand the law. If you have any questions please contact a Mexican accountant. Please remember that Mexican Banks, Hacienda and Migration Office maybe closed during the holidays.
Thank You!
Even Naomi's small business is impacted. She uses Bianey Montenegro at Sun Valley business service for her small business work. So starting in January she will have a checking account and an electronic signature and the ability to issue E Facturas. It's a hassle but it is the law and we live under the law.
PO Box 710 Lukeville, AZ 85341-0710
Sun Valley Business and Immigration Service
Plaza del Sol, Suite #8, Blvd. Fremont
Col. Benito Juarez
Puerto Peñasco, Son.
CP 83550
Phone 011-52-638-383-8891
Fax 011-52-638-383-8896
USA (in Mexico) 1-520-829-4340
Email: [email protected]
Following was sent to all HOA members at Princessa:
IF you rent your condominium.
This is to notify you of what we understand concerning the new Hacienda (SAT) , Small Business Tax Structure. All owners will need to comply with the new SAT laws that will be implemented January 1, 2014. If you are an owner of property and have income from that property you are required to register with the SAT.
The closest SAT office that you can register at is in Mexicali, you have to register in person. There is a possibility that there may be a mobile office in Puerto Penasco but this has not been determined yet. The individual owner will not only have to register with the SAT but will have to obtain a bank account with a debit card with electronic signature and electronic password ability. This will also open up owners to U.S.-F-BAR reporting requirements.
To open a Mexican bank account you will need a copy of your passport, a valid & updated migration document and a recent bill – power, phone, property tax or water.
This new income tax will be zero the first year but will go to 10% starting in 2015. The rate in 2015 will be based on your net income from 2014. There will also be an increase in the sales tax from 11% to 16% and also the 2% lodging tax. The net income will allow only expenses that are obtained through a factura to be deducted. This will not include anything bought in the U.S. or any other labor or materials purchased in Mexico that do not have a factura issued.
The rental companies will not be able to rent units that are not tax compliant without risking penalties from the SAT. SAT has made this an enforcement action for 2014. The plan is to find and penalize owners outside the system. The penalty may include moving you to the General Business Regimen that would have a tax rate of up to 35%.
This is a brief overview as we understand the law. If you have any questions please contact a Mexican accountant. Please remember that Mexican Banks, Hacienda and Migration Office maybe closed during the holidays.
Thank You!
There is a permanent Hacienda (SAT) office on the right side of the street as you enter Old Port.
Even Naomi's small business is impacted. She uses Bianey Montenegro at Sun Valley business service for her small business work. So starting in January she will have a checking account and an electronic signature and the ability to issue E Facturas.
It's a hassle but it is the law and we live under the law.
:........................................................................................
There is a permanent Hacienda (SAT) office on the right side of the street as you enter Old Port.
There is indeed but it does not handle the electronic signature applications, that must be done (at this time) in Mexicali. This is an intense personal verification process that even requires retina scanning. It is best to have representation when you do this activity.
There is indeed but it does not handle the electronic signature applications, that must be done (at this time) in Mexicali. This is an intense personal verification process that even requires retina scanning. It is best to have representation when you do this activity.
Retina scanning? Unbelievable! Sounds like another case of overkill.
Russ, do you know what Sun Valley is charging for the service? One of the rental companies in town sent out a notice saying that there is a service out of Mexicali that is charging $40 per month! If you're a Mexican citizen, or fluent in Spanish is there really any reason to have a company handle this? Can't this be taken care of personally?
Call Bianey and see, Naomi only paid an upfront fee and there is no monthly fee. Regardless of your ability to speak Spanish you don't want to waste a trip to Mexicali because you didn't bring everything you need. At least get advice first dont waste time and mileage!
IF you rent your condominium.
This is to notify you of what we understand concerning the new Hacienda (SAT) , Small Business Tax Structure. All owners will need to comply with the new SAT laws that will be implemented January 1, 2014. If you are an owner of property and have income from that property you are required to register with the SAT.
The closest SAT office that you can register at is in Mexicali, you have to register in person. There is a possibility that there may be a mobile office in Puerto Penasco but this has not been determined yet. The individual owner will not only have to register with the SAT but will have to obtain a bank account with a debit card with electronic signature and electronic password ability. This will also open up owners to U.S.-F-BAR reporting requirements.
To open a Mexican bank account you will need a copy of your passport, a valid & updated migration document and a recent bill – power, phone, property tax or water.
This new income tax will be zero the first year but will go to 10% starting in 2015. The rate in 2015 will be based on your net income from 2014. There will also be an increase in the sales tax from 11% to 16% and also the 2% lodging tax. The net income will allow only expenses that are obtained through a factura to be deducted. This will not include anything bought in the U.S. or any other labor or materials purchased in Mexico that do not have a factura issued.
The rental companies will not be able to rent units that are not tax compliant without risking penalties from the SAT. SAT has made this an enforcement action for 2014. The plan is to find and penalize owners outside the system. The penalty may include moving you to the General Business Regimen that would have a tax rate of up to 35%.
This is a brief overview as we understand the law. If you have any questions please contact a Mexican accountant. Please remember that Mexican Banks, Hacienda and Migration Office maybe closed during the holidays.
Thank You![/quote]
With the new tax laws I need a bank account located in México. Can some one explain how it works using Pecos and US dollars. I heard I may need 2 accounts one in US dollars and one in Pecos, is that possible? Will I be able to pay HOA fees which are paid in dollars from the Pecos account? How about income from the rental company?
Just found out they also do the electronic signature processing in Nogales. Much closer for us from Phoenix to go to Nogales rather than Mexicali. Heard there was a mobile office scheduled for RP on January 10th, but they are only taking 50 appointments - there is a 700 person waiting list.
Cousin made a appointment to get his electronic factura 3 months ago and will finally be getting his in a week, wonder how long the lines are? Anyone have any new info, even bolleros will need them,
I was just informed that the management company was increasing the fees for doing the accounting on our rental from $20 per month to $100. What are some other options for accounting services in RP?
I was just informed that the management company was increasing the fees for doing the accounting on our rental from $20 per month to $100. What are some other options for accounting services in RP?
I was just informed that the management company was increasing the fees for doing the accounting on our rental from $20 per month to $100. What are some other options for accounting services in RP?
Wow. That's a huge increase. I would try Sun Valley, as Russ mentioned. I'm just getting started working with them and so far I'm happy with their service.
I believe Margarita Osuna, I cant remember the name of the company it was located on Alcantar near Old Port. I understand there is now more work but that much of an increase is hard to understand.
I think a lot of these people are price gouging and scaring the Americans into thinking it's going to be a big deal. Another rental company has hired a accounting firm in Mexicali to do all the work. They're charging $40 per month.
Can someone provide contact for the accountant in Mexicali that do not charge $100. I just called Sun Valley and they want to charge $100 also. So now Kazen and Sun Valley are charging high fees $100.
Can someone provide contact for the accountant in Mexicali that do not charge $100. I just called Sun Valley and they want to charge $100 also. So now Kazen and Sun Valley are charging high fees $100.
I was told yesterday that I need to bring $1600 to set upr two accounts. ONe is pese and one in dollars. If it ever drops below those amt you get a charge. They pay no interest. This is with a new bank open on Sat. I use to have a checking acct at Bancomer but closed it when I sold Spa. Any one have any better solutions?
I was told yesterday that I need to bring $1600 to set upr two accounts. ONe is pese and one in dollars. If it ever drops below those amt you get a charge. They pay no interest. This is with a new bank open on Sat. I use to have a checking acct at Bancomer but closed it when I sold Spa. Any one have any better solutions?