Tax News

2020


08

April 08, 2020

Tax

Newsflash - COVID-19 Tax – Force majeure

Amid the health crisis brought by COVID-19, it is of outmost importance for Mexican taxpayers to understand the applicability of the relevant force majeure tax provisions.  For such purposes, please bear in mind that on March 30, 2020, the Mexican National Health Council published a decree in...

29

March 29, 2020

Tax

Newsflash - COVID-19 Tax Considerations (in the absence of tax incentives)

It is a reality the negative economic impact that companies and individuals around the world are facing as a consequence of the COVID-19 pandemic. Nevertheless, the Mexican Government has decided not to grant any fiscal or tax incentives in connection with federal taxes, such as income tax, VAT or...

2019


16

December 16, 2019

Tax

Newsflash - Comments to the interest deductibility limitation published in the 2020 tax reform

The 2020 tax reform introduces subsection XXXII to article 28 of the Mexican Income Tax Law (MITL), with the purpose of limiting the deductibility of net interest paid by companies in a given fiscal year, to the amount that results from multiplying the net adjusted profit by 30%. In simple words,...

16

December 16, 2019

Tax

Newsflash - The new tax transparency regime for the private equity industry

With the purpose of adopting the OECD and G-20’s recommendations issued within the BEPS (Base Erosion and Profit Shifting) project, the 2020 Tax Reform includes important modifications to regulate the tax regime of foreign transparent entities and foreign vehicles, which affect the tax...

16

December 16, 2019

Tax

Newsflash - Deductibility limitation for payments made to foreign based related parties

The 2020 tax reform published on the Federal Official Gazette, on December 9th,modifies section XXIII of article 28 of the Mexican Income Tax Law (MITL), disallowing the deduction of payments made to foreign based related parties or transactions executed through “structured...

16

December 16, 2019

Tax

Newsflash - Relevant modifications to the Federal Fiscal Code: new anti-abuse rule, reportable schemes and joint and several liability

With the purpose of countering abusive practices that have been implemented in Mexico throughout the past years, the 2020 tax reform published on the Federal Official Gazette, on December 9th, establishes a series of modifications to the Federal Fiscal Code, including:(i) a new general anti-abuse...

16

December 16, 2019

Tax

Newsflash - 2020 Tax Reform: key takeaways

Income Tax Law:Tax Transparency: In general terms, the reform eliminates tax transparency for foreign entities and vehicles, which will now calculate and pay their taxes as legal entities, in terms of the applicable sections of the Mexican Income Tax Law (MITL). Additionally, such entities or...

09

October 09, 2019

Tax

Newsflash: Amendment proposal to restrict interest deductibility in Mexico

The 2020 Economic Plan proposes to introduce subsection XXXII to article 28 of the Mexican Income Tax Law (MITL), with the purpose of limiting the deductibility of net interest paid by companies in a given fiscal year, to the amount that results from multiplying the net adjusted profit by 30%. In...

13

September 13, 2019

Tax

Newsflash - 2020 Economic Plan - Main Taxes Takeaway

The 2020 proposed tax reform (the “Tax Reform”) submitted by the Mexican Secretary of Finance before the Mexican Congress includes relevant changes to the Mexican tax provisions which may significantly impact current business structures in Mexico. Tax Transparency. The Tax Reform aims to...

09

September 09, 2019

Tax

Newsflash - 2020 Economic Plan Proposal

Yesterday, the Mexican Secretary of Treasury submitted the 2020 economic plan proposal before the house of representatives. Among other documents, the economic plan includes the 2020 Federal Revenue Act project and a project that reforms, enacts and repeals several provisions of the Mexican Income...

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