Mexican Congress approves tax amnesty program

It now awaits presidential signature

The Mexican Congress approved a tax amnesty for taxpayers in Mexico late on 13 December 2012.

Under the tax amnesty, taxpayers will be able to settle tax liabilities for years 2006 and prior with forgiveness of up to 80% of the omitted tax and inflation adjustments and up to 100% of interest and penalties.

Further, interest and penalties on qualified liabilities arising after 2007 will be eligible for a 100% forgiveness of penalties and interest.