On September 8, 2023, the Federal Executive sent to the Federal Congress its proposed Economic Package for the fiscal year 2024. This package is made up of the General Criteria of the Economic Policy, the Federal Income Law Initiative (LIF), the Federal Expenditure Budget Project (PPEF) and the Federal Law of Rights (LFD).

The proposal must be approved by both chambers no later than October 31, except with regard to the PPEF, which must be approved no later than November 15 only by the Chamber of Deputies.

La propuesta del Ejecutivo Federal incluye los siguientes criterios de política económica:

The Secretary of the Treasury Rogelio Ramírez de la O highlighted that tax revenues are estimated to amount to 14.4% of the Gross Domestic Product, the highest figure since records have been recorded so far.

The most relevant changes to the Economic Package are the following:

Income Law of the Federation (LIF)

The Income Tax (ISR) withholding rate on interest paid by the financial system is increased from 0.15% to 1.48%.

Federal Law of Rights (LFD)

It is established that import operations of merchandise in which charges or duties should not be applied on the value they have considering international treaties will be subject to the payment of the customs processing fee at the rate of $407.82 for each operation.

In the case of authorizations for temporary use of frequency bands of the radio spectrum referred to in the Federal Telecommunications and Broadcasting Law, it is proposed to pay a fee within three months following the granting of the corresponding authorization.

Transitory dispositions

The second article of the transitional provisions of the LFD provides for maintaining the mechanism established in fiscal year 2023, for the payment of fees for inspection and surveillance, in accordance with article 29-D of said Law, on minimum bases for 2024, applicable to various entities in the financial sector.

Federation Expenditure Budget Project (PPEF)

• Regarding the PPEF, the most important priority programs are:
• Pension for Seniors
• The Scholarship Program
• Sowing Life

Among the priority projects the following stand out:

• Mayan Train
• Hydraulic works projects
• Communication and transportation roads projects
• Development of the Isthmus of Tehuantepec

We remain at your disposal for any questions or clarifications regarding this publication.

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Mexico City, Mexico

September 2023