The Economic Budget for 2021 was submitted to Congress on September 8, 2020. It includes several initiatives, such as the Decree to reform, add, and repeal various provisions of the Income Tax Act, the Value Added Tax Act, and the Federation’s Tax Code.
The initiative to reform the Tax Act for 2021 includes the following changes to the Federation’s Tax Code (CFF, for its acronym in Spanish):
- Modification to Article 42 of the CFF
Modification to the last paragraph of Article 52-A of the CFF
Addition to part XXI of Article 103
Reason for the Modification: increasing legal safety on tax issues to taxpayers.
Likewise, this initiative incurs on the following factors that impact taxpayers who carry out foreign trade operations:
We suggest companies involved in foreign trade analyze all the changes in the initiative to reform the Tax Act so to best assess the actions to be taken.
Companies specializing in foreign trade, such as Solistica, can provide sound advice on these and other changes in customs matters that will be implemented during 2021.