The Mexican tax administration (SAT) released the Second Resolution of Modifications to the Miscellaneous Fiscal Resolution for 2024 on 11 October 2024, which mandates that crowdfunding platforms provide specific information to the SAT concerning the interest paid, taxes withheld and the issuance of the digital tax receipt online (CFDI) when such documentation is required to substantiate the withholding, and VAT on interest income earned by investors/creditors.
The resolution adds new rules, which became effective on 12 October 2024, in section 3.16.13. and 4.1.12.
3.16.13 states that for the purposes of articles 135 and 136 of the Income Tax Law, the crowdfunding institutions referred to in the Law to Regulate Financial Technology Institutions must comply, in substitution of their clients, with the obligation to withhold and pay the corresponding Income Tax on the nominal interest paid to the individuals and legal entities of Title III of the Income Tax Law, who provided the resources for the financing operations.
Said institutions must also provide the information regarding the interest paid, as required by article 55 of the Income Tax Law, through a clarification case through the SAT Portal, in the label RULE 3.16.13.
4.1.12 states that for the purposes of article 1o.-A, section II, subsection a) of the VAT Law, the Collective Financing Institutions referred to in the Law to Regulate Financial Technology Institutions, through which financing operations are carried out in which legal entities pay interest to natural persons, will replace legal entities in compliance with the obligations to withhold and pay VAT in terms of the aforementioned regulatory portion, as well as in compliance with the obligations indicated in article 32, sections V and VI of the aforementioned Law.
For the purposes of this rule, the withholding must be made by applying the rate established in article 1 of the VAT Law, on the nominal value of the accrued interest. The tax withheld by the Collective Financing Institutions in terms of this rule will be considered creditable for the legal entity in accordance with article 5, section IV of the aforementioned Law, provided that the other requirements for such purpose are met.