Entries by Yunuen Cruz

TAX REFORM INITIATIVE FOR 2020

On September 8, 2019, the Executive Branch submitted to Congress the Economic Package for Fiscal Year 2020 (the “Economic Package”). Such package includes, among others, the Federal Revenue Law initiative, the initiative that reforms several tax provisions (“Tax Miscellaneous”) and the Federal Expenditure Budget. The modifications included in the Economic Package are not final, since they will be subject to discussion, modification and approval by the Chamber of Representatives and the Senate, for its subsequent approval by the Federal Branch and its publication in the Federal Official Gazette.

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EXPIRATION OF THE TERM TO OBTAIN OR REQUEST AN AUTHORIZATION TO OPERATE AS A FINTECH

According to the transitory articles of the Law to Regulate Financial Technology Institutions (the “Fintech Law”), on September 25, 2019 will expire the term that the persons who carry out operations regulated by the Fintech Law have to obtain or request the applicable authorization from the Banking and Securities National Commission in order for such person to continue with their operations.

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ELIMINATION OF THE ELECTRONIC APPLICATION AND THE RULES ON LABOR SUBCONTRACTING IN THE TAX MISCELLANEOUS RESOLUTION FOR 2019

On August 20, 2019, the First Resolution of Modifications to the Tax Miscellaneous Resolution for 2019 and its annexes 1 and 1-A were published in the Federal Official Gazette, which came into force the day after its publication. Among the changes made, it is worth highlighting that rules 3.3.1.44., 3.3.1.45., 3.3.1.46., 3.3.1.47. and 3.3.1.48 have been unexpectedly repealed. Such rules established an optional procedure to comply with the income tax (“IT”) and value added tax (“VAT”) obligations in relation to labor outsourcing.

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