"A Mexican company will be subject to the following taxes during its operation:
A corporate tax assessable at a maximum rate of 35% must be paid annually to the tax authorities on the company's taxable profits. The procedure to calculate such profits is by deducting certain allowed expenses from the total accruable gross income.
Most of the company's income is considered accruable for income tax purposes at the time any of the following situations occur:
1) invoices are issued 2) goods are delivered to the buyer or services are rendered 3) when total or partial amounts of the transaction is collected or is payable, including advance payments
Basically, the allowed deductions are all costs and/or expenses strictly necessary to carry out the company’s business. Except for the first year of operations, all Mexican corporations must file their income taxes through monthly provisional payments. These provisional payments will be credited against the annual income tax return."
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