16 / 29
© 2015 Dwellworks
Page 15
Discovering Mexico
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