©2011 galaz, yamazaki, ruiz urquiza, s.c. 1. 2012 economic package ‒ general economic policy...
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©2011 Galaz, Yamazaki, Ruiz Urquiza, S.C.1 ©2011 Galaz, Yamazaki, Ruiz Urquiza, S.C.
©2011 Galaz, Yamazaki, Ruiz Urquiza, S.C.2
2012 ECONOMIC PACKAGE
‒General Economic Policy Criteria
‒Federal Incomes Bill
‒Bill of Amendments to the Federal Tax Code
‒Bill of amendments to the Fiscal Coordination Law, Vehicle Possession and Use Tax and Excise Tax
‒Draft Expenditure Budget
©2011 Galaz, Yamazaki, Ruiz Urquiza, S.C.3
ACTUAL GROWTH % 3.5
INFLATION % 3.0
EXCHANGE RATE 12.2
INTEREST RATE % 4.8
CURRENT ACCOUNT % -1.4
FISCAL DEFICIT % -0.2
OIL (DOLLARS / BARREL) 84.9
MACROECONOMIC FRAMEWORK
©2011 Galaz, Yamazaki, Ruiz Urquiza, S.C.4
FEDERAL INCOMES LAW
• The same surcharge, tax incentive and exemptionn rates will remaint in effect.
• A further extension will be granted so that, during 2012, foreign residents will not be deemed to have a permanent establishment in Mexico based on the maquila activities they perform through companies with maquila programs granted under the authorized storage modality.
• It has been proposed that federal entities establish a general sales and services tax with a maximum 5% rate.
©2011 Galaz, Yamazaki, Ruiz Urquiza, S.C.5
FEDERAL TAX CODE • It has been proposed that the validty of the Advanced Electronic
Signature Certificate be extended from 2 to 4 years; a temporary provision establishes that this reform will be applicable to certificates issued as of the enactment of the decree.
• Nominative checks and special certificates will no longer be used for refunds, which must be deposited in the taxpayer´s account.
• When the tax report and related information are filed after the deadlines established in the Code, they will be considered as not having been filed and will not generate tax effects.
©2011 Galaz, Yamazaki, Ruiz Urquiza, S.C.6
FEDERAL TAX CODE
• The same penalties will be applicable for tax fraud when taxpayers fail to file the monthly tax returns requiered in tax laws for a period exceeding 12 months and do not pay the respective taxes. Currently, only the taxpayers´s failure to file an annual tax return is considerede as a violation.
©2010 Galaz, Yamazaki, Ruiz Urquiza, S.C.
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