Common Mistakes Foreigners Make When Starting a Business in Mexico
Starting a business in Mexico is a great opportunity, especially in booming sectors such as tourism, construction, and vacation rentals
On December 22, 2023, the Official Gazette of the Federation (DOF) disclosed the revised rates and fees of the Special Tax on Production and Services (IEPS) for the year 2024. This revision encompasses a range of products specified in Article 2, Section I, sub-paragraphs C), second paragraph; D), G), second paragraph and H), and Article 2-A, Sections I, II, and III of the Law of the Special Tax on Production and Services. These include manufactured tobacco, automotive fuels, flavored beverages, fossil fuels, and the applicable rates for gasoline and diesel allocated to federal entities.
In accordance with the IEPS Law, these rates undergo annual updates and become effective from January 1 of each year. The adjustment is anchored in the National Consumer Price Index of November 2023, resulting in a factor of 1.0432.
Summary of Adjustments:
These adjustments came into effect on January 1, 2024. It is imperative to take note of these updates for sound financial planning.
For both individuals and businesses, being cognizant of these modifications is crucial for effective financial planning. The revised rates directly influence the costs of fundamental products and services, as well as fuel consumption. Grasping these changes and adapting to the new figures is pivotal to prevent financial surprises and ensure efficient fiscal management.
In summary, the 2024 adjustments in IEPS rates underscore the government’s dedication to the economic and fiscal stability of the nation. Staying informed and seeking specialized advice will mitigate any potential adverse impact on personal or business finances.
If you require further information or personalized advice regarding how these changes might impact your financial landscape, feel free to reach out to us.
Starting a business in Mexico is a great opportunity, especially in booming sectors such as tourism, construction, and vacation rentals
The Accounts Payable process refers to a company’s short-term obligations to pay suppliers and service providers for purchases made on
