On the 8th of September, 2023, Dr. Rogelio Ramírez de la O, the Secretary of Finance and Public Credit in Mexico, presented to the Chamber of Deputies the Economic Package for 2024 (PE 2024). Notably, the proposed package does not propose new taxes, nor tax increases. More details can be found in the official economic package document.
The anticipated fiscal revenues for 2024 are estimated at 7,329 billion pesos, marking an increase of 58 billion pesos compared to estimates for the fiscal year 2023. The fiscal policy outline seems to express a degree of stability and continuity for the Mexican economy despite the challenges of the global and national economy.
This significant move from the Mexican government is seen as an attempt to maintain fiscal stability and boost investor confidence, amidst the challenging global economic environment. By avoiding tax increases and new taxes, Mexico aims to mitigate the economic impacts of the ongoing COVID-19 pandemic, promote economic recovery and bolster growth.
Legal professionals, particularly those with exposure to the Mexican market or providing counsel to businesses operating therein, should be aware of these fiscal forecasts and the government’s clear commitment to maintaining economic stability in coming years.
More will be revealed in the months to come, as the economic plan is debated and eventually implemented. However, the initial signs appear to be promising for businesses and investors with interests in Mexico.