Revenue Law of the Federation (LIF) for the Fiscal year of 2015.
On November 13, 2014, the Mexican Federal Government published on the Official Gazette of the Federation the Revenue Law of the Federation (LIF) for the Fiscal year of 2015. The Revenue Law highlights/deals among other matters with the following:
- The Legislators changed the oil price and the exchange rate, so that the price of crude oil export to be adjusted downward from $82 to $81 dollars per barrel and the price of the exchange rate rose from $13.00 to $13.40 per dollar.
- Non-oil revenues include the revenue that comes from the collection of the Special Tax on Production and Services (IEPS) from the sale of gasoline and diesel as this tax applies to these products and not to the operation or removal of hydrocarbons.
- The regulation to the public with respect to Magna and Premium gasoline and diesel prices to be established by the Federal Government providing adjustments for inflation, prices are contemplated whereby the Revenue Law of the Federation projects an increase of these energy prices of 3% in January of next year.
- The Revenue Law does not contemplate changes in relation to: (i) Surcharge rates, which will continue to apply those already known, 0.75% per month on the unpaid balance, 1%, 1.25% and 1.5% in the case of payments in installments up to 12, 24 or more months respectively (Art. 8) and (ii) withholdings’ rate on income tax on interests will remain at 0.60%, on the principal capital amount will be 0.60%.
- Fines. With respect to fines, the Revenue Law states that if a person incurs in a violation of the customs provisions under Article 152 of the Customs Law and as of January 1st, 2015, the corresponding fine/penalty will not be determined if the amount does not exceed 3,500 units of investment, or its equivalent in Mexican currency. 50% of the amount of any fine for offenses resulting from breach of tax obligations other than payment, such as paid: (i) Those related to the RFC, to the filing of tax returns, requests or notices, the obligation to have accounting (ii) for not undertaking provisional payments of contributions, except those relating to declaring tax losses in excess and to oppose visits from tax authorities, not provide data and reports required, not provide the accounting information/documentation or part thereof.
For further reference please go to http://www.dof.gob.mx/nota_detalle.php?codigo=5368103&fecha=13/11/2014 to view the Spanish version of the provisions of the Revenue Law of the Federation. Sincerely, Ernesto Velarde Danache, Inc.
Ernesto Velarde Danache, Inc. Mexican & International Lawyers 1650 Paredes Line Road, Suite 101 Brownsville, Texas 78521 Tel: (956) 548-9098 Fax: (956) 548-1656 www.velardedanache.com