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Mexico Provides Tax Benefits for Primary Sector Activities in 2022

10 May 2022

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Approved Changes

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Mexico

Mexico published a Resolution in the Official Gazette on 29 April 2022 that provides administrative facilities for the primary sector for 2022, which includes agriculture, forestry, livestock, and fishing activities. Some of the main benefits provided by the administrative facilities include: Taxpayers engaged exclusively in primary sectors activities are allowed to deduct costs for temporary field workers, livestock feed, and minor expenses (up to MXN 5,000) with simplified documentation requirements where the expenses do not exceed 10% of total annual income, subject to an MXN 800,000 cap; Primary sector taxpayers are allowed to make provisional income tax advance payments and...