Mexico 🇲🇽

Welcome to our guide on crypto tax regulations in Mexico! It's important to note that there is currently no specific tax regime for virtual assets in Mexico. However, individuals and companies are still subject to general tax laws, including the Income Tax Law (ITL) and the Value Added Tax Law (VATL). Let's summarize the key points:

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Income Tax:

• Income tax is a direct tax imposed on individuals and legal entities.
• The tax rate can reach up to 35% based on taxable income.
• The ITL establishes different assumptions for income accrual and deductions.

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Value Added Tax (VAT):

• VAT is an indirect tax levied on the consumption of goods and services.
• The current general rate is 16% on the calculated values.
• VAT is caused by the person providing the goods or services and must be collected from the purchaser or lessee.

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Tax Treatment for Sale of Virtual Assets:

• The tax treatment for the sale of virtual assets is considered similar to the sale of goods.
• Withholdings and provisional payments must be made to the Tax Administration Service (TAS) for transactions exceeding a certain threshold.
• The provisional payment corresponds to 20% of the total transaction amount of the virtual asset.
• The payment is made by the acquirer of the virtual asset, or if the acquirer doesn't meet certain conditions, the transferor is responsible for the payment.
• An electronic invoice must be issued for the sale, and the corresponding income must be included in the annual tax return.
• The transferor has the right to deduct the updated cost of acquisition and any commission charged by the platform, provided the platform issues a compliant electronic invoice.

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Tax Regime for Digital Platforms:

• Digital platforms that generate income from services or goods are subject to a specific tax regime.
• The platform is responsible for making income tax and VAT withholdings and directly paying them to the TAS.

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It's worth noting that the tax treatment for buying, selling, and receiving virtual assets is still evolving in Mexico. The above information is based on available sources, and there may be some uncertainty regarding the specific obligations for taxpayers. It's advisable to consult with a qualified tax professional or refer to official tax authorities for the most up-to-date and accurate guidance.

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Please be aware that the information provided is based on available sources and may be subject to change. For accurate and up-to-date guidance, consult with a qualified tax professional or refer to official tax authorities in Mexico.

https://www.globallegalinsights.com/practice-areas/blockchain-laws-and-regulations/mexico

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https://www.internationaltaxreview.com/article/2a68vjlgelshzzprmhmv4/cryptocurrencies-unanswered-questions-from-a-mexican-tax-perspective

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https://binamite.com/cryptocurrency-tax-in-mexico/

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https://lukka.tech/overview-of-mexicos-crypto-taxation/

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https://sanchezdevanny.com/wp-content/uploads/2020/12/Taxation-in-Crypto-Assets-Mexico-2020.pdf

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The information provided in this collection of crypto country tax rates is intended for general informational purposes only. While every effort has been made to ensure the accuracy and completeness of the information, it should not be relied upon as legal or financial advice.

Tax laws and regulations are subject to change and can vary significantly from country to country, and even within different regions of the same country. The tax rates and guidelines mentioned in this collection may no longer be current or may not apply to your specific situation.

It is important to consult with qualified tax professionals, accountants, or financial advisors who are knowledgeable about the tax laws in your specific jurisdiction. They will be able to provide you with personalized advice tailored to your circumstances and keep you informed of any recent updates or changes in tax regulations.

Furthermore, the information provided in this collection does not constitute an endorsement or recommendation of any specific tax strategy or course of action. The tax rates and guidelines mentioned are meant to serve as a starting point for your research, but it is essential to conduct thorough due diligence and seek professional advice before making any decisions regarding your tax obligations.

We disclaim any liability for any loss or damage incurred by individuals or entities relying on the information provided in this collection. By using this collection, you agree to release us from any claims, demands, or damages arising out of or in connection with the use of this information.

Please note that the collection of crypto country tax rates does not cover all jurisdictions and should not be considered exhaustive. It is your responsibility to stay informed about the tax laws and regulations applicable to your specific circumstances.

Always consult with qualified professionals and refer to official government sources for the most up-to-date and accurate information regarding tax rates and regulations.

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