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Mexican Tax Reform 2004-English

03.31.04

Once again, the opportunity has been lost to achieve comprehensive tax reform that would have permitted greater collection and at the same time make the Mexican market more competitive in the international field. The bill presented to the Mexican Congress by the Executive, had it been passed, would have eliminated the system of privileges and complications in the Value-Added Tax (VAT) Law by eliminating exemptions and the 0% rate of this indirect tax (imposed on sale of food and medicine), and also would have reduced existing income tax rates. This proposal was rejected by the originating Chamber.

On December 31, 2003, the tax reform approved by the Mexican Congress was published in Mexico’s Official Gazette. It deals with minor amendments of little importance, and includes the elimination of the substitute tax on the salary credit, which was declared unconstitutional by the Mexican Supreme Court.

On January 5, 2004, the expected amendments to the Tax Code of the Federation (Spanish initials, CFF) were published. The amendments are extensive and contain some relevant technical changes.

Read more.

 

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