Personal Assessments And Payments

The tax year for individuals must coincide with the calendar year. Unless specifically exempted by law, every individual resident in Mexico and in receipt of taxable income must file an annual tax return between 1 February and 30 April of the year following that in which the income arose. Exempt individuals include employees whose salary income arises exclusively from one employer and those whose final taxes have already been paid by way of withholding at source.

Taxpayers generally assess their own income tax when preparing their tax returns. Assessments can be made by the tax authorities in the same circumstances as those described for companies (see "CORPORATE ASSESSMENTS AND PAYMENTS"). Individuals whose disbursements exceed the income reported in a calendar year may be regarded as having met the excess out of unreported income, unless the source of the excess can be proved. Individuals who earn professional fees or dividends or are engaged in business activities and whose