Each year, businesses and accounting firms wait with anticipation to see what the new year brings to Mexican tax laws. It is something we come to expect but surprisingly, Mexican tax authorities have announced there will be no major changes in 2023.
This is good news to businesses and investors in Mexico and it appears as if those investors, specifically foreign investors, are the reason there have been no significant changes. The hope is that by not making any changes and maintaining stability in the rules, foreign investors will be encouraged to invest in Mexico in 2023. In fact, SAT (Mexico’s tax administration service) announced there are 600 Asian companies interested in moving their businesses to Mexico.
Additionally, while there were no major tax changes, there were a few minor changes we need to address related to corporate annual tax returns.
- SAT is requesting companies file a financial state which includes a comparison of 2022 vs 2021.
- Cash flow statements & changes in stockholders’ equity are mandatory for 2022.
Please note, the deadline for companies or legal entities to file their 2022 annual tax returns with SAT is March 31, 2023.
With that encouraging announcement, the team at Mextax is looking forward to continuing to provide world-class, professional accounting services to our clients – both existing and new in 2023!
If you are interested in learning more about our services, please contact the team at Mextax for more information, today!
