On November 15, 2024, the Secretary of Finance and Public Credit delivered to the Chamber of Deputies the Economic Package for the Fiscal Year 2025, which includes, among other documents, the Initiative with Draft Decree Reforming, Adding and Repealing Various Provisions of the Federal Duties Law.
In the Statement of Motivation for such Initiative, the Federal Government claims that those who benefit from the exploitation of substances and minerals from the subsoil must pay a fair and proportional retribution to the Mexican State, therefore an adjustment in the special duties for the use, exploitation and exploitation of minerals extracted from the subsoil has been proposed.
As justification for the foregoing, the Federal Government stated that during the “last few years the quotations of international metal prices have shown a growing trend with record prices not previously observed, which has contributed to mining companies benefiting from the increase in the prices of minerals in international markets, which translates into higher economic profits for such companies…”.
Therefore, through the Reform Initiative to the Federal Duties Law, it was proposed to amend Article 268 of such legislation, related to the Special Mining Duty, in order to increase the applicable rate from 7.5% to 8.5%.
Likewise, it was proposed to amend article 270 of the Federal Duties Law, related to the Extraordinary Mining Duty, in order to increase the corresponding rate from 0.5% to 1%.
The comparative text between the current Federal Duties Law and its reform is as follows:
It should be noted that, if the bill under consideration is approved, the reformed Federal Duties Law would become effective as of January 1, 2025.
