MEXICO

On September 8, the Secretariat of Finance and Public Credit (SHCP in Spanish) presented the Fiscal Economic Package (PEF in Spanish) 2022 to the Mexican Congress. It includes: the 2022 Revenue Bill, the 2022 Expenditure Bill, the 2022 Miscellaneous Tax Bill, the 2022 Federal Bill on Duties, among others. Likewise, the General Criteria that technically guide this budget package were presented. The debate will begin with the consideration of all texts, except for the Expenditures 2022, by the Finance Committee of the House of Representatives in the short term.

Regarding the Fiscal Miscellaneous Tax Bill 2022, it includes reforms to the Income Tax Law, such as the proposal to establish the impossibility of collecting credits at the moment the taxpayer exhausts the legal means to obtain the collection. Likewise, it also includes reforms to the Federal Tax Code, such as the establishment of a specific sanction system for non-compliance of duties by financial institutions.

Regarding the Bill of Rights, it proposes that by the year 2022 entities such as Brokerage Firms and Financial Group Holding Companies, incorporated during the fiscal year 2021, will be able to pay the minimum fee in relation to the inspection and surveillance fee.

The document on General Criteria of the PEF 2022 presents a general picture of what the Federal Executive Branch expects for the year 2022, and also introduces a series of actions to be promoted. For the financial sector, it states that it will seek to promote greater competition among financial intermediaries. It also states that work will be done to promote financial inclusion and education through the implementation of the National Financial Inclusion Policy, and will work with the Financial Stability Institute to improve banking regulation.

Regarding the legislative process of the PEF 2022, already formally presented, now the Revenue Law, together with the Fiscal Miscellaneous and the Federal Law of Rights will begin to be debated by the Finance Committee of Deputies. This committee and the plenary will have time until October 20 to approve these bills. They will then pass to the Senate, which must approve them in committee and plenary, before October 31.

Once this has happened, the Budget Committee of the Chamber of Deputies may begin to debate the Expenditure Law. This text, which must only be approved in this chamber, must be considered before November 15, 2021. Once this happens, the entire Economic Package will be ready to be sent to the Executive Branch for its enactment, before December 31, 2021, in order to allow its entry into force in 2022.