Mexico deposited the instrument of ratification for the Multilateral Instrument (MLI) with the OECD on March 15, 2023. The Mexican Senate had approved the MLI on 12 October 2022, and completed its legislative ratification process on 22 November 2022, with its publication in the Official Gazette. See our previous PwC Insight. The MLI will enter in to force on 1 July 2023, and will be effective for all Mexican tax purposes on 1 January 2024.
Takeaway: Taxpayers should consider the potential impact of the MLI if they are currently, or anticipate, relying on benefits under Mexico’s income tax treaty network.