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Mexico: The Senate approves the Revenue Law without changes

  • Earlier today, the Senate finalized its part in the approval process of the 2022 Revenue Law

  • There were no changes relative to the proposal from the Lower House last week. Therefore, it goes to the Executive

  • After this, attention returns to the Lower House, specifically to the approval process of the Spending Budget

Alejandro Padilla Santana
Alejandro Padilla Santana

Executive Director of Economic Research and Financial Markets Strategy

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Francisco Jose Flores Serrano
Juan Carlos Alderete Macal
Banorte
27 October 2021
Published byBanorte
  • Earlier today, the Senate finalized its part in the approval process of the 2022 Revenue Law 

  • We should remember that, in addition to the approval of the Revenue Law, this step includes also votes on modifications to the tax code and the Federal Rights Law, which are also key for Federal Government income 

  • This was done in an expedited fashion and with an ample room left before the deadline set by the Fiscal Responsibility Law, on October 31st 

  • Moreover, the three documents were approved without any changes relative to the proposal authorized by the Lower House last week 

  • Despite of the introduction of an important number of reserves for the three documents –mainly on the tax code and Revenue Law–, none of them prospered 

  • With these adjustments, the total amount in the Revenue Law remains at $7,088.3 billion (US$349.9 billion), in line with the estimate made by the Ministry of Finance

  •  With this, the proposal is sent to the Executive branch for final approval and publication in the Official Gazette (Diario Oficial de la Federación) 

  • The focus returns to the approval process of the Spending Budget, which needs to be authorized only by the Lower House by November 15th at the latest