Author: Oliver Taborda

Banxico reduces the interest rate by 25 points

On March 21, 2024, the Governing Board of the Bank of Mexico decided to lower the target for the daily Interbank Interest Rate (the “Interest Rate”) by 25 points to a level of 11.00%.

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Paternity leave draft reform

On December 12, 2023, the House of Representatives of the Mexican Congress approved the Draft Decree amending and adding various provisions of the Federal Labor Law (“LFT” for its acronym in Spanish) and the Federal Law of Workers in the Service of the State, Regulatory of Section B) of Article 123 of the Mexican Constitution (the “Draft”), through which it is intended to increase paternity leave in the event of birth and/or adoption of an infant.

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REPSE Renewal

On February 21, 2024, the Ministry of Labor and Social Welfare (“STPS” for its acronym in Spanish) issued an agreement amending the Ministerial Order that sets forth the general provisions for the registration of individuals or legal entities that provide specialized services or execute specialized works referred to in Article 15 of the Federal Labor Law (the “REPSE Order”).

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Joint and several liability for members and shareholders in tax matters

In the tax field, it is crucial to understand the extent of the liability of the members and shareholders of a company.

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Improvements to the 2023 annual statement for legal entities

On January 4th, 2024, the new application for the Annual Income Tax Statement for Legal Entities (“Annual Statement”) was published on the Tax Administration Service (“SAT” for its acronym in Spanish) portal, with significant improvements to facilitate compliance with this obligation, among which the following points stand out:

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New nom issued to regulate co2 emissions in motor vehicles

On January 3rd, 2024, Mexican Official Standard NOM-163-SEMARNAT-SCFI-2023 (“NOM- 163”) related to carbon dioxide (CO2) from motor vehicles exhausts emissions was published in the Federal Official Gazette (“DOF” for its acronym in Spanish).

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Increase in the value of the UMA for the year 2024

On January 10, 2024, the National Institute of Geography and Statistics published in the Federal Official Gazette the increase of the Measurement and Updating Unit (hereinafter “UMA” for its acronym in Spanish) for the year 2024.

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Reform to the securities market law and investment funds law

On December 28, a decree issued by the Executive Branch was published in the Federal Official Gazette, which repeals, amends and adds several provisions to the Securities Market Law (hereinafter “”LMV” for its acronym in Spanish) and the Investment Funds Law (hereinafter “LFI” for its acronym in Spanish).

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Increase in the minimum wage in Mexico for the year 2024

On December 12, 2023, a resolution issued by the Council of Representatives of the National Minimum Wage Commission was published in the Federal Official Gazette, which established the new general and professional minimum wages effective as of January 1, 2024.

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Nom that contemplates the listing of hazardous substances and materials and their transportation process

On December 18, NOM-002-SCT-SEMAR- ARTF/2023, List of Hazardous Substances and Materials (Dangerous Goods) (“NOM” for its acronym in Spanish), issued by the Ministry of Infrastructure, Communications and Transportation, was published in the Federal Official Gazette (“DOF” for its acronym in Spanish), specifying the hazardous goods and the measures that must be taken for their proper transportation.

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