'US Expats Must Prepare for Mexico's New Taxes' Jose Luis Sanchez Macias - The News
go to original January 19, 2014

President Peña Nieto’s tax reform was met with mixed-reactions from most and outright anger from some. (Reuters/Jose Luis Gonzalez)

While U.S. legislators can barely keep the federal government running due to its enormous gridlock, their Mexican counterparts and President Enrique Peña Nieto had an extremely productive (or counterproductive, if one opposes what they’ve approved) 2013, evident in a series of reforms to the country’s education, energy, political, telecom and tax laws that promise to shape Mexico for the years to come.

One reform though, will shape Mexico immediately come January. Approved more than a month ago, President Peña Nieto’s tax reform was met with mixed-reactions from most and outright anger from some.

Why?

Via the blog Yucalandia.com, Spence McMullen, a fiscal attorney in the state of Jalisco specializing in legal issues affecting U.S. expats in Mexico, explains some of the most pressing changes to the tax code that both U.S. citizens living in Mexico, and just about any other Mexican taxpayer, need to learn about.

Most of these came into effect on Jan. 1, 2014, something that McMullen warns will be a problem since most accounting firms, government tax offices and lawyers are completely overrun with appointments and most people will not be able to comply with the new requirements simply because of the huge amount or work needed and little time at their disposal.

Read the rest at The News

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