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2011 Income Law for Congress ’ discussion Héctor Silva

2011 Income Law for Congress ’ discussion Héctor Silva. WMTA Breakfast Meeting October 20, 2010. Economic indicators. 2011 Tax reform bill. No sustantive changes No new taxes No tax rate changes Tax simplification Less tax regulations Reduction of some fees.

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2011 Income Law for Congress ’ discussion Héctor Silva

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  1. 2011 IncomeLawforCongress’ discussionHéctor Silva WMTA Breakfast Meeting October 20, 2010

  2. Economicindicators

  3. 2011 Taxreformbill • No sustantive changes • No new taxes • No taxratechanges • Taxsimplification • Lesstaxregulations • Reduction of somefees

  4. Estimatedgrossrevenues2010-2011(billions of Mexican Pesos)

  5. 2011 taxbill Revenuesfromoil are estimated 4.5% higherthan 2010 IncomeLaw. Mainlyfromdomesticpriceincreases.

  6. 2011 taxbill Increase in taxcollection of 7.3% isetimated in increases of incometax, Flat tax, IETU tax and VAT Expected GDP is 3.6%. Additionaltaxcollectiondueto 2009 taxchanges (taxconsolidation and increase of penaltiesincorporated in theLaw in 2007-2009

  7. IncomeLaw • Interestrate 0.75% • Interestratefor late payment of taxes1.13% • 4.9% Taxwithholdingoninterestspaidtoforeignregisteredbanks.

  8. IncomeLaw • As in 2008, theopportunitytoupdate and payanydifferences prior to June 30, 2010isavailableforemployerswhenpaying in onelump sum with no interestnorpenaltiesprovidedthat: • Differences are paid in onepayment • A letterelectingforthisbenefitisfiledwiththe Social Security Institute. • Specify date of payment • Taxwarranty

  9. 2011 IncomeLaw Interests Penalties Paid in 2011 Jan, 1 – Mar, 31 Apr, 1 – May, 31 Jun, 1 – Jun, 30 100% 80% 50% 100% 90% 90% Interest and penaltieswaiver:

  10. 2011 IncomeLaw Interestwithholdingtoindividualsapproved in 2010 tobecomeeffective in 2011 is extended to 2012.

  11. 2011 IncomeLaw Informativeannual IETU taxreturnmust be filedbyMarch of eachyear. 2010 annualreturnmust be filed in January 2011 as stated in theDecree

  12. 2011 IncomeLaw IETU taxloss can not be creditedagainstincometax (same as changedlastyear). Can only be carried forward against IETU tax in thefollowing ten years.

  13. Héctor Silva 011 52 664 622 7840 hsilva@deloittemx.com

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