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ARTICLES

LEGAL RESOURSES

Exchange rate:

$ 17.26

    • ARTICLE 18A: INTERESTS INCLUDED FOR VALUE-ADDED TAX (VAT) PAYMENT

     

    The real value of the interest accrued when these accrued from credits granted by the institutions of the financial system referred to in Article 7 shall be considered as value for the purposes of calculating the tax according to the Law on Income Tax (Ley del Impuesto sobre la Renta); in credits granted through credit opening or checking account contracts in which the creditor or account holder can have the credit through the use of cards issued by the creditor; and leasing operations.

    In the case of the operations referred to in this article, the commissions charged to the debtor, creditor, account holder or lessee, for the provision of cash or for any other concept and the conventional penalties, except for default interest, shall not be considered as part of the accrued interest.

    The real value of accrued interest shall be determined in accordance with the following:

  • When the operation in question is denominated in national or foreign currency, the real value of the interest will be calculated by applying the accrued interest, the real interest rate, in accordance with the following:

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  • The real interest rate will be calculated by subtracting, at the interest rate that corresponds to the period in question, the inflation of the same period. Inflation will be calculated by dividing the value of the investment unit determined by the Bank of Mexico for the last day of the period, by the value of the investment unit for the day immediately preceding the first day of the period, and subtracting the unit from the quotient.

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  • When the credit operation is agreed in foreign currency, the exchange gain accrued in the period in question, expressed as a proportion of the average balance of the principal in the same period, will be added to the interest rate corresponding to the same period. To express the foreign exchange gain accrued in the period in question as a proportion of the average balance of the principal in the same period, it shall be divided into national currency, between said average balance converted to national currency at the exchange rate that the Bank of Mexico publishes in the Official Journal of the Federation (Diario Oficial de la Federación) for the last day of the period of causation of the interest. In the event that the Bank of Mexico does not publish such exchange rate, the last exchange rate published by said institution will be applied before that date. The average principal balance will be the sum of the principal's daily balances in the period, divided by the number of days in the same causation period.

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    When in the period of causation of the interest, the result of adding the interest rate that corresponds to the period and the exchange gain accrued in the same period expressed in the terms of the previous paragraph, is equal to or less than the inflation of the period, tax will not be caused during the mentioned period.

    In the event that the interest rate corresponding to the period is expressed in percentage, it must be divided by one hundred before making the addition and subtraction, mentioned in the previous paragraphs.

     

  • When the operations in question are denominated in investment units, the real value of the interests will be the interest accrued in the period, without considering the adjustment that corresponds to the principal due to the fact that they are denominated in said units.

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    In the case of the operations referred to in this article, in which the period of causation of the interest are monthly or less than one month, and in such periods the value of the investment unit is not fixed by the Bank of Mexico. On the last day of the interest accrual period, taxpayers will consider the value of the investment unit determined by the Bank of Mexico for the days corresponding to the immediately preceding period and equal in duration of causation of the interest.

    When the payment of interest accrued monthly for a period of three consecutive months is not received, the taxpayer may, from the fourth month, defer the tax on interest accrued from said month, until the month in which effectively receive payment for them. From the month in which the full payment of the unpaid accrued interest referred to in this paragraph is received, the tax corresponding to the interest that is subsequently accrued will be inflicted in the month in which they accrue. In the case of financial leasing, only the provisions of this paragraph shall apply in the case of operations carried out with the general public.

    In the case of credit or financial leasing operations, agreed in foreign currency held with the general public, may choose to consider as value for the purposes of calculating the tax, instead of the real value of the accrued interest referred to in this article, the value of accrued interest. When this option is exercised for an individual credit, it cannot be changed during the term of said credit.