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Under the Assets Tax Law, residents abroad with a permanent establishment in Mexico must pay assets tax only on the assets attributable to such establishment, as well as on inventory maintained or processed in Mexican territory. As a result of the changes made to the Assets Tax Law in May 1996 and effective as of 1 January 1997, nonresidents without a permanent establishment in Mexico, that grant temporary use or enjoyment of immovable property and moveable goods (leasing of fixed assets and land), including those related to time share service contracts, used in the activity of a person liable for this tax, are subject to payment of assets tax in Mexico.
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For further information contact Deirdre Silberstein, Washington, on +1 202 955 4000 or enter a text search "Deloitte & Touche" and "Business Monitor".
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