Mexico

Mexico

Besides Chile, Mexico is Latin America`s country with the most free trade agreements: altogether 13 agreements have been reached with 52 states, such as the North American Trade Agreement (NAFTA) with Canada and the US as well as one with the EU that was implemented in 2000. Mexico is LATAM`s most important receiving country for German imports. Currently, there are approximately 1900 companies with German capital totaling almost 35 billion USD registered with the Mexican Ministry of Economics. These companies are active in the sectors of automotive, pharma, chemistry and electronics as well as a series of small and medium sized companies working on high-tech solutions.

 

e-Invoicing

Since 2014 companies have to use the e- invoicing system CFDI (Comprobante Fiscal Digital a través de Internet). The invoicing system itself is not being implemented though the state but through third party providers called PACs (Proveedor Autorizo da Certificación). Since the end of 2017, companies additionally have to supply the so-called Complementos-de-Pagos documents which detail all inpayments to the tax authority. Accounting books also have to be deposited electronically. Invoices have to be archived for up to 10 years. More...

Mexico: Withholding taxes on digital services

After recently introducing VAT on the provision of digital services by non-resident companies whose customers…

Mexico: VAT list for digital service providers published

Since June 1, 2020 VAT was added to digital services in Mexico if the service…

Mexico’s economy contracted a record 17,3% in April from March and 19,9% year on year

“A breakdown of the data showed that primary activities such as farming, fishing and mining…

OECD report: 6 taxation insights on Latin America and the Caribbean

The OECD recently published  a report on tax revenues for 26 countries in Latin America…

Mexico: Planned VAT reduction

On June 10, 2020, the Mexican Congress introduced a reform proposal temporarily reducing the VAT…

Mexico: VAT on digital services from foreigners

As of June 1, 2020, new VAT regulations for digital services were introduced in Mexico,…

New Trade Agreement between EU and Mexico

On April 28th, the European Union and Mexico concluded the last outstanding element of the…

LATAM: Corona-induced Tax Measures I

Corona is hitting the world economy hard. In fact, the IMF made it official today…

Mexico: UMA amounts effective 1 February 2020

The values of the “unit of measure and update” (unidad de medida y actualización (UMA))…

Mexico: New Tax Regulations for 2020

At the end of December 2019, new tax measures for 2020 (Resolución Miscelánea para 2020)…