Dear Clients and Friends:
On October 11, 2023, a publication was made in the Federal Official Journal of a decree through which income tax incentives are granted for key sectors of the export industry, which came into force on October 12, 2023.
The decree is directed to key sectors of exportation to promote the strategy known as “nearshoring”, such as the semiconductors, automotive, electric and electronic, medical and pharmaceutical devices, agroindustry, human and animal nutrition industries.
Also, the tax incentive is granted to taxpayers dedicated to the production of cinematographic and audiovisual works.
Such tax incentives are the following:
- Immediate deduction of investments in new fixed assets.
There will be an option to apply this tax incentive for income tax purposes for investments made as of the entry into force of the decree, that is, October 12, 2023 and until December 31, 2024, by complying with the requirements established therein.
This incentive will be applicable to the key sectors and the cinematographic and audiovisual industries when the amount of the income derived from their exportations of goods or works constitute at least 50% of their total invoicing in the corresponding tax year.
According to the decree, depending on the types of goods or key activity of the sector of the applicable industry, the authorized percentages to carry out the immediate deduction oscillate between 56% to 89%.
Taxpayers must keep a specific registry of the investments over which they have decided to apply the immediate deduction.
- The deduction of additional expenses for training of employees.
There will be an option to apply this tax incentive for income tax purposes in the annual return of the 2023, 2024 and 2025 tax years.
The decree authorizes the key sectors and the cinematographic and audiovisual industries an additional deduction equivalent to 25% of the increase in the expense incurred for training that is received by each of the employees in the corresponding tax year.
The additional deduction will only be applicable to the training provided by the taxpayers to active employees that are registered before the Mexican Social Security Institute.
Taxpayers must make a specific registry of the training granted to employees.
Finally, for both tax incentives, taxpayers must file a notice informing that they are opting to apply them within 30 calendar days immediately following the month in which they are applied for the first time.
At EC Rubio we can provide support to find out all the details and requirements that are necessary for the application of these tax incentives. Should you have any doubt regarding this matter, please do not hesitate to reach out to your usual contact at the Firm.
Tax and Internacional Trade
Arturo Bañuelos / [email protected]
Carlos Enríquez / [email protected]
César Ochoa / [email protected]
Edmundo Hernández / [email protected]
Fernando Holguín / [email protected]
Felipe Mendoza / [email protected]
Alejandro Montes / [email protected]
César Holguín / [email protected]
Eduardo David / [email protected]
Enrique Marcos / [email protected]
Javier Ogarrio / [email protected]
Juan Carlos Partida / [email protected]
Franco Herrera / [email protected]
Gloria Domínguez / [email protected]
Natalia Aguilar / [email protected]
Carlos Canseco / [email protected]
Jimena Acosta / [email protected]
Luis Delgado / [email protected]
María Fernanda Reyes / [email protected]
Marcela Guzmán / [email protected]
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