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On Mar. 3rd, a bill was introduced to amend various provisions of the Income Tax Law ("ITL") in order to establish a new tax on high net worth individuals.
If enacted, the proposal could have significant implications for individuals with substantial accumulated wealth who are located in Mexico, as it would introduce an annual tax on net worth in addition to existing income tax obligations, and could also affect individuals who live outside Mexico but, for any reason, continue to maintain their tax residency in the country. Individuals whose assets exceed the proposed threshold should monitor the progress of this bill through the legislative process and begin considering how such a measure could affect their overall tax exposure and long-term planning. The proposal also reflects a broader international trend in which several
