On Monday, October 1st, 2007, an array of amendments to the several Mexican tax laws, the abrogation of the Asset Tax Law and the enactment of a new tax (Impuesto Empresarial de Tasa Única - IETU) were published in the Mexican Official Gazette.
One of the most significant aspects of the new legislation was the introduction of a new tax that will work as a truly minimum corporate tax. This tax will be compared with the annual income tax liability and will be paid only if the income tax liability is lower.
Upon the entrance into effect of this new tax, the Asset Tax will be eliminated. This new tax is truly a minimum corporate tax because it will admit very limited credits against the income tax. The single rate minimum tax will admit loss carry forward alternatives. This minimum tax will affect 40% of the companies that as of this year did not pay income tax. The taxable basis of this new tax is broader than the one of the income tax because of the existence of less deductible items.
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Tuesday, October 30, 2007
Is the New Mexican Flat Rate Tax Creditable in the US and Canada?
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