Mexico's Tax Environment: A Brief Overview

Latin America has a reputation as being a complex place to do business, and operating in Mexico does little to dispel that image - the country reached the global top 10 in TMF Group's 2018 Financial Complexity Index. Mexico is, however, working towards simplifying its tax regime, and to make it easier to invest and do business in the country.

The Mexican Financial Reporting Standards Board (CINIF) has been eliminating differences between its local Mexican Financial Reporting Standards (MFRS) and the International Financial Reporting Standards (IFRS) - at this time, small businesses can still use MFRS - and has an e-invoicing mandate which uses an officially-approved "digital invoicing via internet" format. But when it comes to taxes? Here's a brief overview of the tax environment.