Last week Mexico's government presented the Economic Package and Fiscal Miscellaneous for 2017. How will this affect businesses that are operating or looking to operate in Mexico?
On September 8th, The Mexican Secretariat of Finance and Public Credit (“Secretaría de Hacienda y Crédito Público” in Spanish) presented the country’s 2017 Economic Package to the Chamber of Deputies. The package does not contemplate a significant reform on tax matters, but includes some tax simplification measures, especially for SMEs. Some of the most relevant changes are in relation to:
• Federal Revenue Law
• Interest Withholding
• Corporate Income Tax Law
• Value Added Tax Law (VAT)
• Federal Fiscal Code
The congress will review the package until end of October to take a decision by November 15 on whether to approve it or modify it.
Whether you want to incorporate your company or continue managing successful operations in Mexico, it’s vital that you understand the local reforms and regulations so that your business remains compliant.