Chamber of Deputies approves Expenditure Law and finalizes debate of the Fiscal Economic Package 2022
18 noviembre 2021

MEXICO

On November 15, the Chamber of Deputies approved with 273 votes in favor and 214 against, the Expenditure Bill, which establishes the list and allocation of all the items that the Executive Branch expects to spend next year. This is the last text corresponding to the Fiscal Economic Package 2022, which also includes the Federal Income Law, the Miscellaneous Fiscal Law and the Federal Law on Duties. These laws were already enacted by the Executive Branch on November 12. Thus, the text corresponding to the Expenditure Law is ready to be enacted by the Executive Branch, which will happen in the short term.

It should be recalled that among the most important content of the enacted texts, in the case of the Miscellaneous Tax Law 2022, the mandatory registration in the Federal Taxpayers’ Registry (RFC in Spanish) of the Tax Administration Service (SAT in Spanish) for those over 18 years of age, regardless of whether they generate income or not, stands out. In addition, the Tax Administration Service (SAT) will have the power to cancel or suspend the RFC in case a taxpayer ceases to carry out activities for five consecutive fiscal years. It also makes amendments to article 55 section IV of the Income Tax Law, indicating that banking entities must send a notification to the financial authorities when their clients receive deposits in excess of USD 742 per month.

Thus, the treatment of the initiatives corresponding to the Fiscal Economic Package 2022 was concluded. Thus, it is expected that the Congress will resume the debate of other bills that were pending treatment while waiting for the approval of the budget. According to Senator Ricardo Monreal (MORENA – ruling party), the texts that could move forward include a possible reform on cybersecurity.

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