Regulation & trade round-up
Published: February 07, 2005
- Mexico’s new tax law, passed in November 2004 and effective in January 2005, reduces the corporate income tax rate from 32% to 30% this year, with additional reductions scheduled for 2006 (29%) and 2007 (28%). Stock-option benefits are now considered taxable salary for non-residents who receive a salary in Mexico. The new law enacts a comprehensive controlled foreign corporation (CFC) legislation, under which a CFC can qualify for preferential tax treatment if it is subject to tax outside of Mexico.
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