Mexico Tax Agency Explains Deduction of Contributions in Retirement Savings Accounts

The Mexican Tax Administration Services April 11 explained the tax deduction rules for contributions to retirement savings accounts. The explanation includes information on: 1) tax deductions for complementary and long-term voluntary contributions; 2) the total deduction limit of 10 percent of a taxpayer’s 2021 income up to 163,467 pesos (US$8,230); and 3) a maximum deduction limit of 15 percent for all individual deductions up to 152,000 pesos (US$7,653). [Mexico, Tax Administration Services, 04/11/22]

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