Last October 9th, 2015, came into force the new regulation of the Law on Income Tax and the most important aspects are:
1. The consolidated financial statements can be made with accounting principles called “UnitedStatesGenerallyAcceptedAccountingPrinciples” or the International Financial Reporting Standards.
2. The primary sector taxpayers may apply the reduction in temporary income tax payments.
3. New rules related to the proxy statement of considerations and donations received in cash are established.
4. The report on loans and capital increases received in cash must be filed when received in two or more payments in excess of 600,000 pesos during an exercise.
5. When dividends are paid by a trust according to the Mexican law, it will incur in an additional 10% of income tax.
6. There will be information obligation on the operations received in cash, in national or foreign currency, gold or silver pieces, when the amount exceeds 100,000 pesos, after the tax is included. It will also be compulsory when an operation is carried out by one or several payments. If the consideration is paid by check, transfer or cash and cash instruments, local or foreign currency or gold or silver pieces, only the amount paid will be communicated according to the latest media and whenever the amount exceeds 100,000 pesos.
7. If it is not possible to offset the balance in favor of workers, it is sufficient if there is a credit balance and a presentation of the annual declaration by subordinates to request a refund under Article 22 of the CFF.
8. The employers required to issue tax receipts must enter in them all the data of the person who had given him subordinate personal services, and give it back to them the original tax receipts issued by other employers who had given him during the calendar year concerned, retaining copies of these.
9. The permanent establishments of foreign legal entities that before the entry into force of the new Income Tax Law, opted for the immediate deduction of new fixed assets, they may reduce from the remittances account the amount obtained in terms of Article 221, paragraph III of the repealed Act.