On February 15, 2021, a Decree was published in the Official Gazette of the Federation establishing general rules for the regulation of Federal Digital Licenses applicable to various modes of transportation (the “Decree”). The Decree will enter into force on April 1, 2021.
In accordance with the Decree, Mexican transportation authorities will issue digital federal
On January 18, 2021, the Financial Intelligence Unit (“FIU”) of Mexico’s Tax Administration Service modified applicable rules governing loans made between entities that belong to the same business group. This provides clarity to one of the most frequently asked questions regarding so called “vulnerable transactions” and mandatory compliance with the Federal Law for the Prevention
On January 18, 2021, a letter sent by the United States Secretaries of State, Energy, and Commerce to their counterparts in the Mexican government was made public. The letter, dated January 11, contains the clearest and most direct official message in defense of U.S. interests in the Mexican energy sector since President López Obrador ordered
On November 13, 2020, the Plenary Court on Labor Matters of the First Circuit issued a ruling in contradiction of ruling number PC.I.L. J/67 L (10a.) entitled: “Foreign employees. Such are entitled to the return of the accumulated funds in their individual Retirement Fund Administrator (AFORE) accounts, as well as contributions to the housing subaccount
Mexico’s new Federal Protection of Industrial Property Law (“LFPPI” for its initials in Spanish) was published in the Official Journal of the Federation on July 1, 2020, and entered into force on November 5, 2020. The LFPPI repealed its predecessor statute, the Industrial Property Law (“LPI” for its initials in Spanish), and contains numerous changes
The third edition of “Solar Asset Management Mexico”, one of Mexico’s most important conferences on solar energy, was held during the month of October 2020. Due to the current pandemic, the conference was held virtually via a high-quality digital platform that brought together representatives from the entire Mexican electricity sector. Over the course of four
Section VI of Part B of Article 27 of Mexico’s Federal Tax Code (Código Fiscal de la Federación) was recently amended to require entity taxpayers to file notice with the RFC stating the name and RFC number of their owners or shareholders each time the composition of the owners or shareholders of such entity is
The Mexican Omnibus tax bill for 2020 was published in the Official Journal of the Federation on December 9, 2019. Among other changes, a new Section, “Regarding the Disclosure of Reportable Transactions,” was added to the Mexican Federal Tax Code (“CFF” for its acronym in Spanish), which sets forth a mandatory disclosure or reporting requirement
Article 69-B of the Mexican Federal Tax Code sets forth a procedure to be followed by taxpayers who contract with suppliers of goods or services who, pursuant to public information published in the Official Journal of the Federation and on the Tax Administration Service website on a quarterly basis, are listed as companies that invoice
The COVID-19 pandemic is causing a steep drop in revenues for Mexican companies during fiscal year 2020, which will also result in decreased net income and, in many cases, negative cash balances. Mexican companies will need to keep a close eye on their cash flow and analyze strategies and options to improve their cash balances.