What concept should be put into the transfer to avoid paying taxes

When making a wire transferit is important to specify Concept, reason or justificationn behind the aforementioned process. This may raise some questions about whether the choice of cause has tax consequences; That is, if we choose the right concept, we can Avoid having to pay taxes.

In this context, it is important to emphasize that there is no specific reason that allows evading tax obligations when making transfers.

Furthermore, it is important to note that in general Responsibility for paying taxes It is the responsibility of the beneficiary of the transfer, so the specific reason usually simply serves as a reference for the named beneficiary.

In other words, in situations where… The transaction is tax freeThe concept can provide additional information to support it on the part of the receiver and to provide evidence to the sender if a conflict arises. This is especially important when making a down payment to purchase real estate.

As for the concepts that can be used, the variety will depend on the financial institution, as the bank is responsible for determining the options for “selecting” the transfer of funds.

In the case of Banco Santander, for example, the following concepts could be included: Rents, capital contributions, usual registrable assets, unusual registrable assets, fees, expenses, invoice, salaries, fees, usual real estate, real estate, loans, insurance, participation in negotiable and miscellaneous liabilities..

In each section, a 12-character reference can be added (although in other financial entities, this limit may be wider or almost non-existent). Transactions relating to “unusual registrable assets”, “unusual registrable assets”, “ordinary real estate” and “subscription of negotiable liabilities” require a declaration under oath, ensuring that the transfer concept is effective as specified.

What operations pay taxes?

All silver transactions are not subject to tax. When you receive a transfer, it is important to keep in mind that you will pay corresponding taxes depending on the origin of the transaction and your tax status.

For example, if it is gross income tax, it is common for the bank to withhold a percentage of the transfer, usually around 2.5%. However, you will pay the outstanding difference through A Electronic Payment Prospectus (VEP), unless you are a member of monotax monotax. In addition, if the transaction received corresponds to a business sale, you will have to issue the corresponding invoice in accordance with applicable tax regulations.

While, for example, Taxes are not paid on transfers made by end-users of financial services, nor if the same human or legal person is sending and receiving the transfer or if the operation is carried out from or to claim accounts for judicial use..

As for Compliance with tax obligations With regard to bank transfers, the burden generally falls on the recipient of the funds. The sender has no direct obligation to make tax payments in connection with the transfer itself.

However, it is necessary to highlight that the purpose or nature of the transfer can affect the tax implications for the beneficiary. For example, in some jurisdictions, money transfers that are considered income may be subject to income taxes.