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Mexico

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About

Mexico

Capital
Official languages
Population 
Currency

ISO 4217

Mexico City

Spanish

126,577,691 (as of July 2020)

Mexican Peso

MXN

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Economy

Mexico has seen a steady growth in its economy over the past few years. According to the World Bank, Mexico's GDP grew by 2.2% in 2019, and is projected to grow by 2.7% in 2020. This growth is largely driven by the country's strong manufacturing sector, which accounts for around one-third of the country's GDP. Mexico is also a major exporter of oil, with exports accounting for around 10% of the country's GDP. Additionally, Mexico has seen a surge in foreign direct investment, with FDI reaching a record high of $35.2 billion in 2019. This has helped to create jobs and boost economic growth. Overall, Mexico's economy is showing signs of steady growth, and is well-positioned to continue to grow in the future.

Taxation

Here is an overview of the taxation system in Mexico:


Corporate Taxation:

- Companies in Mexico are subject to a corporate income tax rate of 30% on their taxable income, with certain deductions and exemptions available.

- Corporate income tax returns must be filed annually, usually by the end of March following the end of the tax year.

- Corporate income tax payments are made in monthly installments, due on the 17th day of each month.


Personal Taxation:

- Residents of Mexico are subject to personal income tax on their worldwide income, while non-residents are taxed only on their Mexican-sourced income. The tax rates range from 1.92% to 35%, depending on the income level.

- Personal income tax returns must be filed annually, usually by the end of April following the end of the tax year.

- Personal income tax payments are made in monthly installments, due on the 17th day of each month.


Value Added Tax (VAT):

- The standard rate of VAT in Mexico is 16%, with reduced rates of 0% and 8% applicable to certain goods and services.

- VAT returns must be filed monthly, usually by the 17th day of the following month.


Tax Payment Process:

- Taxpayers in Mexico can make tax payments through various methods, including online payment systems, bank transfers, and at authorized payment locations.

- Taxpayers must file their tax returns and make their tax payments by the deadlines mentioned above.

- The Mexican tax authority, Servicio de Administración Tributaria (SAT), may conduct audits to ensure compliance with tax laws.


In summary, companies in Mexico are subject to a corporate income tax rate of 30%, while residents and non-residents are subject to personal income tax on their worldwide and Mexican-sourced income, respectively. VAT is imposed at a standard rate of 16%, with reduced rates for certain goods and services. Taxpayers must file their tax returns and make their tax payments by specific deadlines, and the SAT may conduct audits to ensure compliance with tax laws.

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