What modifications does the recently approved Fiscal Package 2022 include?
Among the main changes in the Fiscal Miscellaneous 2022, is the zero VAT rate for menstrual hygiene products and pet food.
Early Wednesday morning, the Plenary of the Senate approved in general and in particular the Fiscal Package 2022, which includes the Income Law, the Federal Law of Rights, as well as the Tax Miscellaneous. These laws establish that there will be no tax increases or new contributions, even in the context of the pandemic.
The Revenue Law projects to raise more than 7 trillion 88 billion pesos. This is the highest collection in the country's history. Almost four trillion correspond to taxes. One trillion 205 billion to sales of goods and services, among other revenues. Gross domestic product is expected to grow by 4.1% and annual inflation by 3.4%. Concerning the Miscellaneous Tax Law, the main changes include the following:
Zero VAT rate on menstrual hygiene products and pet food.
Limits tax deductions for donations and obliges accountants to report possible tax crimes.
It also includes young people from 18 years of age in the Federal Taxpayers Registry, although, be careful, they will not be obliged to file returns or pay taxes. The measure seeks to avoid identity theft and that their names are not used to create phantom companies.
The Federal Law of Duties proposes adjustments to fees for the issuance of passports, immigration and customs services, use of the radioelectric spectrum, as well as the manufacture, import, and export of firearms, among others.
85% of the resources collected from mining concessions will be destined to the Ministries of Education and Health, to improve schools and strengthen the health infrastructure.
The Fiscal Package was sent to the Executive for publication in the Official Gazette and its entry into force.
