• Service: Tax, Global Indirect Tax, International Tax
  • Type: Regulatory update
  • Date: 8/22/2014

Mexico - Law amendments on tax accounting, VAT 

August 22:  Tax legislation, known as the “third resolution of amendments to the tax law for 2014” (Tercera Resolución de Modificaciones a la Resolución Miscelánea Fiscal para 2014), was published on 19 August 2014 in the official gazette and includes measures providing:

  • Rules for submitting trial balances to the tax authorities, with instructions to follow and apply certain accounting standards (e.g., NIF, U.S. GAAP, IFRS)
  • Account balances for the period from July to December 2014 are to be sent no later than January 2015
  • Rules addressing the treatment of the “federal registry of taxpayers” (Registro Federal de Contribuyentes - RFC) and accounting policies
  • Records of tax depreciation are to be maintained and identify the acquisition date, description, original amount, and amount of the annual allowance for each investment / asset
  • Rules extending the five-day period for accounting for certain transactions to the following month
  • For value added tax (VAT), an “urban area” is defined as not exceeding 30 kilometers from a measuring point

Read an August 2014 report (Spanish) prepared by the KPMG member firm in Mexico: Tercera modificación a la Miscelánea Fiscal 2014

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