Foreigners and Tax Obligations in Mexico

Posted by Mexlaw

Whether you are an individual earning an income in Mexico, or a business owner in Mexico, you have certain income reporting and tax obligations. This article includes a brief description of the most common taxes and contributions, as well as the corresponding authority. As an employer in Mexico, you are responsible for the following contributions and taxes Payroll Tax 3% of the total salary of the employees is to be submitted monthly to the State Government. The Mexican Social Security Institute (IMSS) Instituto Mexicano del Seguro Social As an employer, you are obligated to pay IMSS for health services and...

06 September

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Formalized Tax Collection Through Airbnb in Quintana Roo

Posted by Mexlaw

in Accounting, MexLaw

Travelers have changed over the years; nowadays many people prefer to stay in homes rather than large resorts. Airbnb has become a popular choice, an intimate, less expensive way to travel and see the world. Many travelers make lasting connections in these homes and neighborhoods and experience more culture than they would if they were staying at a large resort. Airbnb’s popularity continues to grow and because of its success has triggered concern from the hotel industry regarding tax obligations and the lack of regulations for this type of accommodation. The Mexican government also recognizes the importance of home sharing for...

19 July

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Foreign Investors in Mexican Businesses Should Consult an Accountant

Posted by Mexlaw

in Accounting, MexLaw, Real Estate

MexTax Accounting Services Mexican corporations can be 100% owned by foreigner investors enabling them to operate businesses in Mexico. Mexico’s legal system and tax laws for corporations do not discriminate between foreign business operators and Mexican National owned businesses. Foreigners starting a business in Mexico should know the importance of hiring an experienced Mexican accounting adviser. It is well known that small companies, as well as the largest corporations, need an experienced accountant who can provide them with adequate advice regarding their financial, administrative and fiscal needs, to ensure they make the correct decisions concerning their financial and tax obligations in Mexico. Many...