One of the most used financial instruments is credit, either through financial institutions or individuals (loans / mutual). In all cases, the formality of the operations is necessary through the corresponding contract and the signature of the promissory notes and guarantees where appropriate.
Sometimes, the administrators of small businesses, who often do not know accounting and tax matters, ask themselves the following questions: Are the loans received a fiscal income? Does receiving this type of operation generate a tax.
The answer is simple, the loans received are not considered as income for tax purposes, as long as they comply with the formalities and requirements provided by law, since, if not, the authority can presume them as income. and determine an income tax (ISR) of 20%
In the case of interest paid, these may or may not cause Value Added Tax (VAT), at the rate of 16%, as mentioned below.
How to Document a Loan
There are two contracts related to obtaining financing, being the following:
The mutual: the Civil Code of the Federal District (CCDF) defines it as a contract by which the borrower undertakes to transfer ownership of a sum of money or other fungible things to the borrower, who is obliged to return as much the same species and quality. The same system allows stipulating an interest, whether it consists of money or goods.
The commercial loan: the Commercial Code (CCOM) indicates that this occurs when contracted in the concept and with the expression that the things loaned are intended for acts of commerce and not for the needs of others. The loan contract between merchants is presumed commercial.
Like the mutual, if the loan consists of money, the debtor will pay by returning an amount equal to that received under the monetary law in force in the Republic when the payment is made, without this prescription being waived.
In terms of ISR: the law establishes in its article 90 that individuals residing in Mexico are obliged to inform, in the fiscal year declaration, about the loans, donations, and prizes obtained in the same, provided that these, individually or as a whole, exceed $600,000 (six hundred thousand pesos).
The VAT Law: in its articles 14 and 15, it indicates in which cases this tax is caused and in which it is exempted by the granting of credits.
Taxed: the 16% tax will be charged on the provision of services, one of these being financial services.
Exempt: They are exempt from VAT, commissions, and other considerations covered by the borrower (that is, to whom the credit is granted) to their creditor (the financial institution that gives the credit) for the granting of mortgage loans for the acquisition, expansion, construction or repair of real estate destined for a home, except for those that originate after the authorization of the credit as mentioned earlier or that must be paid to third parties.
Anti Money Laundering Law: let us remember that the Federal Law for the Prevention and Identification of Operations with Resources of Illicit Origin (LFPIORPI) classifies the usual or professional offer of mutual or guarantee operations granting of loans or credits, with or without guarantee. , by subjects other than Financial Entities, as a vulnerable activity, for which the person acting must identify all operations regardless of their amount. And notify the Tax Administration System in cases where the operation is equal to or greater than $121,161 (one hundred and twenty-one thousand, one hundred and sixty-one pesos.