Discovering Mexico Country Guide 2021

Payment Methods Accepted methods of payment include check, cash, and credit cards.

Credit Cards All banks have the option to receive a credit card when you open a bank account. Credit cards in Mexico are Visa, MasterCard, and American Express.

Taxes There are both state and federal taxes.

Federal taxes include: + IVA (value added tax) is 16%; unlike in the U.S. the tax is already considered in the price tags and is not added at the cashier + IEPS (special tax on goods and services) is a tax on specific goods and services such as gasoline, cigarettes, alcohol, soda and high calorie foods that is included in the purchase price of these goods + ISR (income tax) is 30% for people who earn less than 750,000 pesos a year and up to 35% for people who earn over 3 million pesos a year, with rates dependent on your income amount + Tariffs State taxes include: + Predial (real property tax) is a tax that must be paid by all property owners, and is calculated based on the value of the land plus the construction + A separate 2% tax deduction on your salary

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Discovering Mexico