Introduction to the 2025 Economic Package and its Impact on Fintech
The 2025 Economic Package, delivered to the Chamber of Deputies on Monday, proposes expanding the oversight powers of financial institutions beyond traditional banks to include fintech companies. This move allows tax authorities, such as the SAT (Mexican Tax Administration Service), to review accounts and deposits in these entities, acknowledging the growing diversification of Mexico’s financial system.
Background on the Relevant Person: The SAT
The SAT, or Mexican Tax Administration Service, is the primary tax authority in Mexico responsible for collecting taxes and enforcing tax laws. It plays a crucial role in ensuring that individuals and businesses comply with their tax obligations. The proposed reform aims to strengthen the SAT’s ability to monitor and enforce tax compliance within the rapidly evolving fintech sector.
Key Changes in the CFF Reform
The reform to the Code of Federal Taxation (CFF) for 2026 introduces a significant adjustment: replacing the exclusive reference to “bank account statements” with the broader term “account statements of financial institutions.” This change aims to close loopholes in an environment where fintech companies and other non-bank intermediaries have gained prominence in providing digital financial services.
Alignment with the Fintech Regulatory Framework
The tax legislation reform seeks to align with the regulatory framework established in 2018, which recognizes Financial Technology Institutions (Fintech Law). Specifically, it highlights that electronic payment fund accounts have their own CLABE (Clave Bancaria de Entidad) and are part of Mexico’s financial system, thus warranting the same treatment as a bank account.
Implications of the Reform
By expanding the available information for verifying the genuine tax contribution capacity of digital financial services users, the government aims to reinforce the constitutional principle of proportional taxation. This move ensures that fintech companies and other non-bank financial service providers are held to the same standards as traditional banks regarding tax compliance.
Key Questions and Answers
- What is the 2025 Economic Package? The 2025 Economic Package is a set of proposed reforms and initiatives delivered to the Mexican Chamber of Deputies, aiming to update and strengthen various aspects of the country’s economic policies.
- Who is the SAT, and what does it do? The SAT (Servicio de Administración Tributaria) is Mexico’s primary tax authority responsible for collecting taxes and enforcing tax laws. It ensures that individuals and businesses comply with their tax obligations.
- What changes does the CFF reform propose? The CFF (Código de la Federación) reform proposes replacing the exclusive reference to “bank account statements” with the broader term “account statements of financial institutions,” aiming to close loopholes in the fintech sector.
- How does this reform align with the Fintech regulatory framework? The tax legislation reform seeks to align with the 2018 Fintech Law, ensuring that electronic payment fund accounts receive the same treatment as bank accounts.
- What are the implications of this reform for fintech companies? The reform aims to strengthen tax compliance within the fintech sector, ensuring that these companies adhere to the same standards as traditional banks regarding tax obligations.
