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New round in negotiation of FTAA.

The negotiation of the FTAA was resumed on Thursday 26 after two months in which the negotiations were affected by diplomatic conflicts and tariff struggles, as well as by the presidential elections on July 1 in Mexico. Ildefonso Guajardo together with Luis Videgaray, current secretaries of economic and foreign affairs respectively, traveled to Washington to discuss the negotiations with the US trade representative. UU, Robert Lightier. In the same way, Guajardo let us see late the participation of Jesus Seade, who at the entrance of the now elected president, would take the reins to be the chief Mexican negotiator in the NAFTA...

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Tax crime for usurpation.

According to the recent amendment to the Fiscal Code of the Federation, published on June 1, 2018, which is implemented in article 110 of typified behavior, the cases of identity theft by any means, whether physical, documentary, electronic, optical, magnetic, or any kind of technology or use of names for registration in the Federal Taxpayers Registry. For what was implemented, a sanction of three months to three years to who appears within the following assumptions: To whom, by any physical, documentary, electronic, optical, magnetic means or any kind of technology, impersonate the identity, representation or personality of a taxpayer. To...

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For 2018-2019, inflation will be higher than expected.

The inflation rate that was proposed to reduce the Bank of Mexico to the target range of 3 plus / minus one percentage point has been questioned due to the downfall of the Mexican peso against the dollar in recent months.   Also, several distinguished economists have considered that inflation may be over four percent at the end of 2019.   Derived from the highest level of inflation in the last 17 years, which was reached in December 2017, annual inflation in the month of May has registered a rate of 4.51%, which represents the fifth month in decline.   "However, the risks have been intensified...

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SAT contracts with a ghost firm.

The Tax Administration Service (SAT), which oversees the correct payment and deduction of taxes, appeared in one of its own listings for having tax receipts for purchases made to a ghost company. SAT Guadalajara Sur, through four invoices issued in 2014 by the company Servicios Legales & Valuatorios, S.C., verified expenditures with public resources for 162 thousand 602 pesos. Said company, through the official communication 500-30-2018-03018 of the SAT, is indicated for allegedly billing simulated operations. This official communication dated on May 14, 2018, details that the SAT Guadalajara, by means of an invoice, justified expenses for 46 thousand 400 pesos for...

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SAT abuses list of ghost signatures.

The Treasury, through a list that is published periodically in the Federal Official Gazette (Diario Oficial de la Federación) in relation to Article 69-B of the Federal Fiscal Code (Código Fiscal de la Federación), has converted this instrument into a way to take control of taxpayers by canceling digital stamps and audits, experts say. The list from the article in question, refers to those companies that issue vouchers without having the conditions, assets, materialization or services that justify such vouchers, so it is assumed that these operations do not exist. Likewise, the SAT has "abused" the use of such article, since it...

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In 2017, the amount of tax collection increased a 41%

Through Collecting Falls Program, the Mexican IRS in 2017 collected an amount of 13,564 millions of pesos, these representing a total amount of 25.7% in supervision procedures. The collecting amount in 2017, is considered the highest amount collected, even though, it was not the higher in the total amount of supervision, due to the 62.6% of total progress control. In the last years, the Profound Supervision method has strengthened tax collection over more tan 95% from the Collecting Falls Program. The mentioned method consists in a call to taxpayer from the tax authority to clarify his tax situation, so the authority keep away from practice any tax assessments against the...

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SAT is evaluating the possibility of declaring the Unites States a “Tax Heaven”.

Due to its recent tax reforms, the Unites States tax rate for income will be 75% less in relation to the established tax rate in México, therefore the rules for investments will have to be modified. The income obtained form an operation in Mexico is taxed with a 30% rate, because of the recent tax reforms in the Unites States, the same operation will be taxed with a 21% rate. The difference between the countries tax rates is why México is evaluating the possibility to declare U.S. as a country with a preferable tax regime, that could easily be considered a tax heaven. However, the head...

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“Ghost” companies invoice about 5% of Mexico´s GDP

Osvaldo Santín, head of Mexico´s SAT, mentioned that more than 6,000 "ghost companies" have been located, these companies have performed simulated or non-existent operations for close to 1.4 billion pesos, representing approximately 5% of the Gross Domestic Product ( GDP), equivalent to one third of the Federal Budget of Expenditure 2017 (Presupuesto de Egresos de la Federación 2017), being double the fiscal deficit as mentioned by the Ministry of Finance and Public Credit, at the end of last year. Also, during the 11th inauguration of the Fiscal Update Seminar (Seminario de Actualización Fiscal) conducted by the National College of Mexican Notaries, he warned that there are 6,500 companies...

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SHCP begins negotiations with businessmen to increase VAT and lower Income Tax

Businessmen from the private sector are negotiating with the Ministry of Finance and Public Credit (SHCP) a modification to the fiscal framework consisting in reducing the Income Tax (ISR) and to increase the Value Added Tax (VAT). Manuel Herrera Vega, president of the Confederation of Industry Chambers of Mexico (CONCAMIN), said that these changes to the tax regime are necessary to preserve competitiveness in the face of the recent changes made by the United States of America. The increase in Sales Tax has been a recurring theme for businessmen before, “They have to analyze different perspectives. Analytical discussions with many specialized tax experts in coordination with the Ministry...

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Existe riesgo en transferencias de dólares entre empresas.

Empresas que no cumplan debidamente con los requerimientos de información realizados por las autoridades a fin de mes, les estará prohibido realizar transferencias electrónicas en dólares a través del Sistema de Pago Interbancarios en Dólares (SPID) del Banco de México, el cual se encuentra conformado por 25 bancos. El pasado mes venció el plazo para que los integrantes de SPID proporcionaran al Banco Central los expedientes integrados de manera completa en relación con las empresas que utilizan este servicio. En este sentido, han existido serias complicaciones para poder integrar de manera completa los expedientes requeridos por las autoridades e incluso hay empresas que desconocen que, en caso de incumplir...

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