The 2016 Tax Bill presented by the President to Congress on September 8, 2015 was approved almost in its original terms by both Chambers of Congress on October 29, 2015 and published in the Official Gazette of the Federation on November 18, 2015.
Most of the respective legislative amendments will become effective as of January 1, 2016 and will include amendments to the Federal Income Tax Law, to the Excise Tax Law and to the Federal Tax Code.
The most relevant changes include: (i) tax incentives for: (a) companies investing in transportation infrastructure projects, hydrocarbons projects or electric power generation projects, (b) small- and medium-sized businesses investing in fixed assets, (c) shareholders of companies that reinvest their earnings and profits, and (d) enterprises investing in renewable energies; (ii) new tax reporting and tax compliance obligations for corporations and financial institutions, mainly derived from the implementation of certain OECD's (Organization of Economic Cooperation and Development) base erosion and profit shifting (BEPS) and automatic exchange of information initiatives; (iii) relief measures and clarifications to rules dealing with the tax regime applicable to private equity and venture capital trusts and groups of companies that used to file pre-2014 consolidated income tax returns; (iv) adjustments to the excise tax regime applicable to automotive fuels; and (v) certain measures to facilitate tax collection and enforcement by tax authorities.
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