Initiative with draft decree amending and adding article 129 of the Income Tax Law (“LISR”)

On February 28, 2024, it was published in the Parliamentary Gazette of the Chamber of Deputies of the Mexican Congress, the initiative with draft decree, which amends and adds Article 129 of the Income Tax Law (the "Amendment").
The main reason for the Amendment is the legislators' intention to tax the profits derived from the sale of cryptocurrencies.
Specifically, the Amendment seeks to introduce cryptocurrencies that have been acquired for a period of at least one year to the catalog of Article 129 of the Income Tax Law, taxing their gains at a rate of 10%.
The Reform is pending approval by the Chamber of Deputies.

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