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ARTICLE · 26 JUNE 1996

Other Taxes

Deloitte & Touche
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MexicoStrategy
TAX ON ASSETS

Strictly, the federal tax on assets (impuesto al activo) or net worth does not constitute the type of mini-mum income tax that exists in other countries, but its objectives are similar. Income tax may be credited against the tax on assets. Thus, if income tax due is equal to or greater than tax on assets, no additional tax is levied.

Those that must pay the tax include resident companies and individuals engaged in business activities and permanent establishments of nonresidents (on assets attributable to those establishments). Companies in the financial sector, most investment companies, and companies that are not subject to income tax are exempt, provided that they do not grant temporary use or enjoyment of their assets to persons obliged to pay the tax.

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