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2023 Economic Package

On September 8th, the 2023 Economic Package was delivered to the Congress of the Union by the Secretary of Finance and Public Credit, which is made up of 4 components that are: the General Criteria of the Economic Policy, the initiative of the income law , the Expenditure Budget Project and the Miscellaneous Tax, it should be noted that for this year the Miscellaneous Tax was not presented, as in previous years.

General Criteria of Economic Policy (CGPE): The economic situation of Mexico and the international panorama are analyzed. With this context, it is possible to estimate the income that the government will be able to receive next year and the public spending that it will be able to carry out.

Revenue Law Initiative (ILI): The composition of future revenues, taxes, duties, derived from financing revenues, among others, is estimated.

Federal Expenditure Budget Project (PPEF): Refers to the programmed allocations of public spending during the fiscal year. It includes the allocation of resources for dependencies, secretariats, autonomous bodies, social programs, investment projects, among others.

Fiscal Miscellaneous (MF): Set of tools or legal instruments to address tax policy and increase collection, sanction evasion, avoid forgiveness, as well as bad fiscal practices and the updating of quotas, rights and other concepts.

The head of the Tax Administration Service (SAT) Raquel Buenrostro, reported that no changes are planned to be made to the tax laws for the year 2023. This was accomplished by not presenting modifications to the income tax (ISR) regulations, of the value added tax or the Fiscal Code of the Federation. The foregoing, with the aim of “providing certainty to investors”.

The lower house has a deadline to analyze, discuss and endorse the Income Law (LIF) until October 20; For its part, the Chamber of Senators has a deadline of October 31st.

As for the Expenditure Budget of the Federation 2023 (PEF), the Chamber of Deputies must have it ready no later than November 15th; Once both documents are ready, they must be sent to the Executive so that within a maximum period of 20 calendar days it can be published in the DOF.

We inform you that this information provides general information based on the current laws and regulations, and in case of an individual report, be sure to receive advice from an expert before handling it.

Reproduction, partial or full distribution without the approval of Doowoo Accounting S de RL de CV is prohibited.

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