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Tax on interest


Curmudgeon

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2 hours ago, Curmudgeon said:

This I don't understand. I may be dumb, but ... I have a spreadsheet of all my 2020 statememnts. This is a checking account, NOT an investment. From this conversation have learned and accept the fact that the ISR is levied on the entire value of the account, not on the interest earned. I'm not sure how the ISR calculated, however (based on starting balance, ending balance, average daily balance ...), but it sure doesn't add up to 1.45%. It's about half that. I say "about" because it is certainly not consistent from month to month. The same is true of the interest, although I accept the fact that interest rates have gone down.

What is amazing to me is that nobody at Intercam can actually explain my statement to me. Two weeks ago they promised to get me answers "from Mexico City", but I'm still waiting.

You can wait for the answers, but then what? 

The logical question is is the amount in question enough to warrant paying a Mexican account to handle the tax filings necessary to recoup the money. 

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