In Mexico, taxpayers must comply with various tax obligations that vary depending on the type of person (physical or legal) and the economic activity they carry out.
In +Money of Forbes Mexico We consulted Héctor Amaya Estrella, president of the Mexican Institute of Public Accountants, to find out the most important taxes that must be paid for fiscal year 2025 and details that you should not miss in this regard. Get to know them below:
Income Tax (ISR) and when it must be paid
Individuals must pay the ISR on the income obtained considering progressive rates according to the amount of annual income. This is done through the annual declaration, in the month of April of the year following the corresponding fiscal year.
Provisional payments must also be made during the year, which are presented no later than the 17th day of the month following the period to which the payment corresponds to the Tax Administration Services (SAT). In this case, deductions allowed by law apply, such as medical, educational, and other expenses.
Legal entities, that is, companies, are also subject to this tax and must pay a general rate of 30% on their net profit.
For legal entities, the annual declaration must also be submitted in the month of March of the year following the corresponding fiscal year. Companies must also make monthly provisional payments on the estimated profit no later than the 17th day of the month following the period to which the tax year corresponds. payment to SAT.
Value Added Tax (VAT) and dates for compliance
VAT is an indirect tax that is applied on the sale of goods, the provision of services and the import of products, the general rate is 16%.
Individuals and legal entities that carry out activities subject to VAT must submit periodic returns and pay this tax.
This tax is paid monthly, no later than the 17th day of the month following the month to which the tax corresponds, paying the difference between the VAT withheld and transferred and the VAT that was paid to acquire goods and services essential for your economic activity.
Be careful here: Do religious associations pay taxes such as ISR or VAT?
Special Tax on Production and Services (IEPS)
This tax applies to specific products, such as alcoholic beverages, tobacco, fuel, among others. Taxpayers must comply with the payment of this tax at the time of production, distribution or sale of these products.
Payroll Tax:
This tax is state tax so it varies depending on the federal entity. It is generally calculated on the payments that companies make to their employees, rates range between 1% and 3% depending on the state.
Social Security Contributions
It includes the contributions that both employers and employees must make to the Mexican Social Security Institute (IMSS), as well as to other social security institutions, such as the Institute of the National Housing Fund for Workers (INFONAVIT).
Payments must be made no later than the 17th of each month, similar to other monthly taxes.
“It is important that taxpayers in Mexico are aware of the tax reforms that may be implemented in each fiscal year, since the rates, terms and procedures of some of these taxes may undergo modifications,” says the president of the Mexican Institute of Public Accountants. .
The SAT periodically publishes modifications to tax provisions, so it is advisable to stay up to date with tax news.
What happens if I do not comply with my tax obligations in a timely manner?
“I recommend that you consider the deadlines and sanctions that could be generated by failure to file returns or pay taxes, since this can result in fines and surcharges. Without a doubt, it is crucial to comply with the established dates to avoid additional charges,” warned Amaya Estrella.
Likewise, he recalled that another item to take into consideration is what refers to article 12 of the Federal Tax Code (CFF) on the extension of the deadline, that is, if on the last day of the deadline or on the determined date the offices in which the procedure is to be carried out remain closed during normal business hours or if it is a non-business day, the deadline will be extended until the next business day.
Main tax reforms approved for 2025
In parallel, at the beginning of the year it is advisable to know the main tax and social security reforms that were approved and came into force as of January 1, 2025. Héctor Amaya Estrella, president of the Mexican Institute of Public Accountants, highlights them:
Unofficial preventive detention for activities related to false tax receipts
The reform to the second paragraph of article 19 of the Political Constitution of the United Mexican States (CPEUM), regarding informal preventive detention published in the Official Gazette of the Federation (DOF): On December 31, 2024, a fundamental change in the fight against tax fraud, by considering the activity related to the use of false tax receipts as a serious crime susceptible to informal preventive detention.
This reform comes against a backdrop of growing concerns about tax evasion and corruption in Mexico, where false billing schemes have been identified as a key tool for tax avoidance and money laundering.
Reform to the Law of the Institute of the National Housing Fund for Workers (Infonavit)
On December 31, 2024, a reform was approved to the Law of the Institute of the National Housing Fund for Workers (Infonavit) in Mexico that introduces significant changes in the rights of workers and in the operation of the organization, among which are found: increase in the amount of loans, the ability of workers to obtain higher loans, adjusted to their income and payment capacity, which allows them to access higher-value homes, extension of payment terms, better access to credit for people lower income; Mechanisms are established so that workers with lower incomes can access credit more easily with more favorable financing conditions.
The reform establishes measures to improve transparency in the administration of Infonavit resources, as well as to make the credit granting process more efficient, according to its defenders; Meanwhile, its detractors emphasize the impact it will have on Infonavit’s resources, the profitability of funds for workers and the risk of greater debt, in addition to the uncertainty about its effectiveness in meeting the country’s housing needs.
Don’t leave without seeing: 8 differences between the Infonavit mortgage loan versus the bank loan
