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On 8 September, the Mexican Ministry of Finance submitted to Congress the proposed budget for the year 2022. The budget is composed of the General Criteria of Economic Policy (GCEP), the Federal Revenue Law (FRL), the Mexican Income Tax Law (MITL), the Value-Added Tax Law (VATL), and the Federal Tax Code (FTC), among other documents, and initially was delivered to the House of Representatives for review and approval.

The Federal Revenue Law for 2022 must be approved by both the House of Representatives and the Senate no later than 31 October 2021. 

Given the broad nature of the proposed bill, multinationals with operations in Mexico should analyze the impact of these proposals and the relevant business requirements and tax formalities that would become relevant in determining the Mexican tax treatment.