An analysis by Mijares, Angoitia, Cortés y Fuentes, Taxand Mexico
On 11 October 2023, the Mexican government issued a decree granting tax incentives to key sectors of the export industry, consisting of accelerated depreciation of investments in new fixed assets and additional deduction of training expenses.
To qualify, businesses must ensure that at least 50% of their income during fiscal years 2023 and 2024 comes from exporting specific goods. The incentives include accelerated depreciation of new fixed assets and additional deductions for employee training expenses. The decree outlines detailed requirements and procedures for businesses to follow, and failure to meet these requirements will result in the loss of tax incentives, leading to tax liabilities and penalties.
Nora Morales, Luis Monroy, Enrique Ramírez, and Armando Elsharkawy, from our Mexican firm, Mijares, Angoitia, Cortés y Fuentes, have produced an alert analysing this decree in more detail here.
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