What is the Threshold of the new Trust Tax regime in Mexico?
The Simplified Trust Regime (Régimen Simplificado de Confianza or RESICO, per its Spanish acronym) is a new tax regime for individuals and corporations, effective as of January 1, 2022, as part of the most recent Tax Reform in Mexico.
In particular, RESICO is aimed at individuals engaged in business activities, professional services, leasing, and primary activities such as Agriculture, Livestock, Fishing, or Forestry (AGAPES, per its Spanish acronym), with an income not exceeding 3.5 million pesos per year and corporations of any activity whose annual income does not exceed 35 million pesos.
It is important to mention that in the case of individuals, the legislation establishes this regime as optional, but for corporations, it is considered mandatory if they meet the income requirement and there is no reason to prevent them from being taxed under this regime.
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https://www.linkedin.com/in/derren-joseph-ea-0345332/DERREN JOSEPH:
Okay. So if someone makes more than 190,000 USD per year, then they would not qualify for this new trust tax regime question?
CARLOS MORALES:
No, they would be paying on the previous tax regime. And at that point, the tax rate, it will be like 30 or no, I, I think that 30, 30% more or less tax rate, this is, and also it's a very important situation here. But if someone has the estimation that they would burn less than $190,000 a year, and at the end of the year, parents let's say $1 extra. Yeah. Then, then they are risked to be changed to the previous Virginia regime
DERREN JOSEPH:
Previous. Yeah. That would be the difference.
CARLOS MORALES:
Yeah. This is a very, very important situ to be looking at each month, each month. Cause if you go up this amount, you could be out. And if when you are out of this regime, you cannot be once again in that in many years.
DERREN JOSEPH:
So it's key really to have a strong sense as to what your annual income would be at the beginning. Yes. You know, to make that estimation, to make that budget calculation, to make it as accurate as possible to prevent any, because I'm assuming that if you go for trust and then you push back into the previous regime, you're not gonna pay, not just pay the difference, but you would, you have to pay any sort of interest or penalty.
CARLOS MORALES:
That's not clear at this point. Okay. Anybody has that situation, but they, they are, they're telling that you should pay the difference. Right? Just the difference is not, are not clear to be that's I hope not because that doesn't is in, in your hands. So if we have an independent contractor or a professional, they don't have the same amount of income each year is variable. So it's not your fault.
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