Mexico: Update of tax provisions | KPMG | GLOBAL

Mexico: Update of tax provisions

Mexico: Update of tax provisions

A decree was published in the officail gazette in July 2017 to provide incentives and other tax-related measures.

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The measures under the Segunda Resolución de Modificaciones a la Resolución Miscelánea Fiscal para 2017 were published in the official gazette on 18 July 2017, and include provisions that:

  • Add the taxpayer’s mobile telephone number as a method of communication with the tax administration 
  • Allow value added tax (VAT) refunds to international travelers concerning certain items sold by airlines
  • Require registration of legal representatives with the registro federal de contribuyentes (RFC) and require the RFC code in public deeds
  • Concern information provided in tax receipts, in particular for entities that do not have a permanent establishment in Mexico
  • Require identification of certain foreign accounts 
  • Provide penalty relief for taxpayers that self-correct certain federal tax obligation reporting
  • Concern the rules for the deduction of expense related to fixed assets that were acquired pursuant to the economic or monetary support received under certain programs 
  • Provides rules for authorization to use assets in maquila operations
  • Are intended to encourage investment funds and trusts related to real estate construction and to promote venture capital investments
  • Allow for repatriation of capital 
  • Provide rules for investments in bank bonds or securities

 

Read an August 2017 report (Spanish) prepared by the KPMG member firm in Mexico

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