On November 13, 2023, the Decree issuing the Federal Income Law for the Fiscal Year of 2024 was published in the Official Gazette of the Federation (DOF), through which it is announced, among other circumstances , the amount of $9,066,045.8 million pesos that is expected to be obtained in the aforementioned year for the collection of taxes, security fees and contributions, contributions for improvements, uses, among others.

Among the issues that are addressed and detailed in the aforementioned Law, the following should be highlighted:

a) The income tax withholding rate by Financial Institutions is increased from 0.15% to 0.50% (233% increase).

b) An amount of internal debt of up to 138 thousand 119.1 million pesos and external debt of up to 3 thousand 726.5 million dollars of the United States of America is authorized for Petróleos Mexicanos (PEMEX) and its subsidiary companies; The above representing an increase of 410.3% and 2,520.6% compared to the same budgets authorized for the fiscal year 2023.

An amount of net external debt of up to 18 billion dollars of the United States of America is authorized to the Federal Executive, for the financing of the 2024 Expenditure Budget of the Federation, which means an increase of 227.3% compared to of the authorized figure for the fiscal year 2023.

An amount of net external debt of up to 1,188 million dollars of the United States of America is authorized for the Federal Electricity Commission (CFE) and its subsidiary productive companies, which translates into an increase of 199.3% with respect to the authorized amount for the fiscal year 2023. Regarding the internal net debt, the value associated with the latter concept was reduced by 95.3% for the fiscal year 2024.

Likewise, on November 13, 2023, the Decree that reforms, adds and repeals various provisions of the Federal Law of Rights was published in the DOF.

For consultation and download of the aforementioned complete decrees, we provide you with the links:

1. Decree issuing the Federal Income Law for the Fiscal Year of 2024

https://www.dof.gob.mx/nota_detalle.php?codigo=5708368&fecha=13/11/2023#gsc.tab=0

2. Decree by which various provisions of the Federal Law of Rights are reformed, added and repealed

https://www.dof.gob.mx/nota_detalle.php?codigo=5708369&fecha=13/11/2023#gsc.tab=0

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November 2023

Mexico City