Main tax changes. Economic Package 2022, Mexico

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The Economic Package is the accumulation of legislative projects presented each year by the Executive Power (President of Mexico) to the Legislative Power, and therefore, the presentation of the Economic Package 2022 has already been carried out, which represents a set of documents including estimates on the possible economic performance that should be reflected in the following year, taking into consideration the specific policy on taxes, the calculated income to be obtained and the way in which the public budget is intended to be used.

The 2022 economic package consists of initiatives set forth in annexes as shown below:

Annex l. Organic Law of the Mexican Navy

Annex A. Federal Revenue Law for Fiscal Year 2022.

Annex B. Federal Expenditure Budget for Fiscal Year 2022.

Annex C. General Economic Policy Criteria for the Bill of Income Law and the Draft Budget of Expenditures of the Federation for Fiscal Year 2022.

Annex D. Income Tax Law, Value Added Tax Law, Special Tax on Production and Services Law, Federal Fiscal Code.

Annex E. Federal Law of Rights.

Now, after discussion and evaluation of the package that was submitted to the Chamber of Deputies on September 8, 2021, the Fiscal Miscellaneous and the Federal Revenue Law for the fiscal year 2022 were finally approved by the Senate on October 26, 2021.

As a result of the above, on November 12, 2021, several decrees were published in the Official Gazette of the Federation (DOF), officially announcing the projects approved and mentioned above. Economic Package

It should be noted that although the Economic Package presented was comprehensive and all the areas it covers are very important for the country, since they show the macroeconomic outlook, income, expenditure and tax collection policies that the country will apply next year, in this article we will only focus on the Federal Income Law and the Fiscal Miscellaneous, since they are closely related.

Therefore, with respect to the Federal Revenue Law for the fiscal year 2022, it was approved establishing the concepts under which the financial resources destined to cover the expenses of the federation during the referred fiscal year may be collected, for which the State expects to obtain: Economic Package

7 trillion 88 billion 250 million, of which it is estimated that approximately 3 trillion 944 billion 520 million pesos will be collected from taxes alone, which is 11.55 percent more than the three trillion 533 billion 31 million pesos approved in 2021.

  • From (ISR) it is expected to obtain two trillion 73 billion 493 million pesos.
  • From (VAT) it is estimated to obtain one trillion 213 billion 777 million pesos.
  • From (IEPS) it is expected to obtain 505 billion 238 million

With respect to the reforms established in the Miscellaneous Tax for 2022, the following are noteworthy:

INCOME TAX LAW
  • Companies with IMMEX programs are among the most closely monitored and controlled by the federal authorities.
  • The Simplified Trust Regime is created for corporations with revenues of less than 35 million pesos per year.
  • The new Simplified Trust Regime is created for individuals with annual income of less than 3.5 million pesos and a maximum rate of 2.5%.
  • Foreign exchange gains will be determined using the exchange rate established by the Bank of Mexico.

 

VALUE ADDED TAX LAW
  • A distinction is made between companies producing alcohol for human consumption and industrial alcohol.
  • The zero percent rate is clarified for foodstuffs intended for animal and human consumption.
  • The provisions contained in the VAT Law that made direct and indirect reference to the Tax Incorporation Regime are eliminated.
  • The requirements and limitations for the crediting of the transferred Value Added Tax are established, and the obligation that the import customs declaration must be in the name of the taxpayer paying the tax is established. Economic Package

LAW OF THE SPECIAL TAX ON PRODUCTION AND SERVICES
  1. The customs authority is officially granted the authority to verify and impose quotas on companies that are found to be omitting the payment of taxes by using a different fraction than the one that should be used in the importation of gasoline.
  2. For alcoholic beverages, it establishes the obligation to incorporate the electronic tag in almost any part of the container, as well as the obligation for premises that sell beverages for on-site consumption to have an electronic device to provide certainty to the consumer that the beverage is legal and safe for consumption.
  3. The article referring to the Tax Incorporation Regime is eliminated.
  4. A distinction is made between companies that produce alcohol for human consumption and industrial alcohol, eliminating for the latter the obligation to have the Alcoholic Beverages Taxpayers’ Registry.
  5. An increase in fuel prices linked to expected inflation is established. Economic Package

 

FEDERAL LAW OF RIGHTS
  1. General powers are established so that the tax authority can determine the omission in the payment of a duty.
  2. A 200 percent increase in the value of the APEC VISA (ABTC) is expected.
  3. The CERTIFICATE OF ORIGIN document is completely removed from the visa.
  4. A new right is established concerning the authorization of the visitor’s visa without permission to carry out long-term remunerated activities.
  5. A charge is introduced for the processing of the request for access to customs clearance outside the authorized hours.

FEDERAL TAX CODE
  1. It is now mandatory for everyone over 18 years of age to register in the Federal Taxpayers’ Registry.
  2. Regulations are added for the Tax Authority to implement electronic Georeferencing tools with the intention of validating the data regarding tax addresses provided.
  3. It is established that the authority may deny the authorization of the advanced electronic signature or digital seal certificates if any of the partners or shareholders are not up to date with their tax obligations.
  4. All refund requests submitted by taxpayers will be made in electronic format.
  5. The possibility is established that taxpayers subject to the exercise of powers may regularize their situation with resources from other areas that they are entitled to receive from the tax authorities.
  6. It is mandatory to have their financial statements audited by a public accountant, for those taxpayers that in the previous fiscal year have income greater than $876,171,996.50 pesos.

Derived from the above, it is important to point out that all of these reforms will officially come into effect as of January 1, 2021.

 

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