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MX Tax 2024

iCalculator™ MX: Mexico Tax Calculators

Welcome to iCalculator™ MX, your comprehensive suite of free tax calculators for Mexico. iCalculator™ has provided free tax calculators for Mexico since 2014. Since those early days we have extended our resources for Mexico to includes Tax Guides, Tax Videos and enhanced the tax calculators and supporting tax information. The Mexico Tax Calculator and salary calculators within our Mexico tax section are based on the latest tax rates published by the Tax Administration in Mexico. In this dedicated Tax Portal for Mexico you can access:

Mexico Tax Calculator 2024/25

The Mexico Tax Calculator below is for the 2024 tax year, the calculator allows you to calculate income tax and payroll taxes and deductions in Mexico. This includes calculations for

  1. Employees in Mexico to calculate their annual salary after tax.
  2. Employers to calculate their cost of employment for their employees in Mexico.
Mexico Tax Calculator 2024
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Advanced Mexico Salary Calculator
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Discover Mexico

Mexico is located in North America. It is bordered to the north by the United States; to the south and west by the Pacific Ocean; to the southeast by Guatemala, Belize, and the Caribbean Sea; and to the east by the Gulf of Mexico. Mexico's geographic location makes it a key link between North and South America and a significant player in both regional and international affairs.

Overview of Taxation in Mexico:

Mexico's taxation system is multifaceted, involving various types of taxes and compliance requirements. This overview for iCalculator™ MX provides a comprehensive understanding of the different tax types and their compliance aspects in Mexico.

Federal Taxes

Federal taxes in Mexico are levied by the national government and include:

  • Income Tax (Impuesto Sobre la Renta - ISR): This is a tax on individuals and companies' earnings.
  • Value Added Tax (VAT - Impuesto al Valor Agregado - IVA): A consumption tax applied to the sale of goods and services.
  • Special Tax on Production and Services (IEPS): A tax on specific goods and services, such as tobacco, alcohol, and gasoline.

State and Municipal Taxes

State and municipal governments in Mexico also impose taxes, including:

  • Payroll Tax: Levied by state governments on employers based on their payroll expenses.
  • Property Tax (Predial): A municipal tax on property ownership.
  • Acquisition Tax: Charged on the purchase of real estate.

Social Security Contributions

Employers and employees in Mexico must make social security contributions, which fund various social welfare programs.

Compliance and Reporting

Compliance with Mexican tax laws involves:

  • Regular Tax Filings: Individuals and businesses must file periodic tax returns.
  • Audit and Documentation: Keeping accurate records and being prepared for potential audits by tax authorities.
  • Electronic Invoicing: The use of electronic invoices (CFDI) for transactions, as mandated by the Mexican tax authorities.

International Tax Agreements

Mexico has entered into various international tax treaties to prevent double taxation and encourage foreign investment.

This summary for iCalculator™ MX offers a foundational understanding of the Mexican tax system, crucial for businesses and individuals operating in or with Mexico. It's important to consult with a tax professional for detailed advice and current regulations.