Our Partner, Diego Sierra gives his insight in the Americas Restructuring Review, offering a broad view on the regulation of commercial insolvency proceedings in Mexico.

Dear clients and friends,  The resolution of the Board of Representatives of the National Minimum Wage Commission (CONASAMI) establishing the general and professional minimum wage that will go into effect as of January 1, 2020, was published today in the Official Federal Gazette (DOF).

The new general minimum wage will be $123.22 pesos, which was obtained by increasing the current general minimum wage ($102.68 pesos) by the so-called Independent Recovery Amount (MIR for its initials in Spanish) that the CONASAMI determined would be $14.67 pesos daily, plus an increase equivalent to 5%. (Current minimum wage ($102.68 pesos) + MIR ($14.67 pesos) + 5% = $123.22 pesos).

Dear clients and friends,

On 10 December 2019, the Protocol of Amendment to the T-MEC/USMCA was agreed upon and signed by representatives of Mexico, the United States and Canada. That Protocol, which includes amendments to the provisions on the environment, intellectual property rights, labor and rules of origin for the automotive industry (specifically concerning steel and aluminum), has since been made available to the public by the United States at the following link

MLSC_TMEC

and by México in the following link

MLSC_TMEC.

Dear clients and friends,

Today the governments of Mexico, United States and Canada signed in our country some amendments to the Treaty between the United Mexican States, the United States of America and Canada ("USMCA"), notwithstanding that an initial text had already been ratified by the Senate on June 19, 2019. 

Although the three countries had agreed on a definitive version of the USMCA that would substitute the North American Free Trade Agreement, its ratification by some members of the U.S. Congress was conditioned on including certain additional points, which resulted in a de facto reopening of the negotiations which concluded today.

Dear clients and friends,

Today the Decree amending various provisions of the Income Tax Law, the Value Added Tax Law, the Special Tax on Production and Services Law and the Federal Tax Code ("Decree") was published in the Official Gazette, which will enter into force, in general, starting January 1, 2020.

Dear clients and friends,

Today the Ruling amending how the Ministry of Economy issues General Foreign Trade Rules and Requirements was published in the Official Federal Gazette and it will enter into force tomorrow, December 10, 2019.

Dear clients and friends,

The Decree amending provisions of the Income Tax Law, the Value Added Tax Law, the Special Tax on Production and Services Law and the Federal Tax Code, was approved by the Congress of the Union ("Decree"), commonly referred to as the "Economic Package".