Thursday, March 7, 2013

The Time to Apply for Mexican Tax Amnesty is Quickly Running Out!

We first posted on January 23, 2013, 2013 Mexican Tax Amnesty regarding that as of 1 January 2013, Mexico is granting a tax amnesty for federal taxes, certain fees and penalties levied on the failure to fulfill tax obligations (different from payment obligations). The main requirement for the application of the tax amnesty is to pay the remaining portion of the unpaid tax, fee or penalty in one installment. Taxand Mexico takes a look at what the tax amnesty will involve.
This amnesty is probably in part motivated by the New Mexican FATCA agreement with the US, which provides for automatic information sharing from US banks regarding deposits from Mexican individuals which we originally posted on November 29, 2012 as Mexican FATCAAgreement Requires New Reporting By BOTH Mexican & US Banks! 
The Mexican Revenue Administration Service (SAT) has published the rules for the country's new tax amnesty program, which began on January 1, 2013. Taxpayers should note that:
  • they may request amnesty on up to 100% of outstanding tax and additions to tax (accessories)incurred for open years up to December 31, 2012
  • amnesty requests must be made by May 31, 2013
  • the amount of tax forgiven will not constitute taxable income for Mexican income tax purposes.

Because the deadline for applying to the new tax amnesty program is just over three months away, taxpayers should immediately assess the tax and legal effects of participating in the program.

Past Due Mexican Taxes Keeping You Awake at Night?
New US - Mexican Facta Information Causing you to Rethink Not Reporting Your Taxes Correctly in Mexico May Not Have Been Such a Good Idea?

Contact the Tax Lawyers at Marini & Associates, P.A.

for a FREE Tax Consultation at www.TaxAid.usor

or Toll Free at 888-8TaxAid (888 882-9243).


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