OCTOBER 2007 EDITION ARCHIVE
Legal Updates
Amparo Appeals of Mexican Judicial Decisions regarding Letters Rogatory and Judicial Requests for Co
The First Chamber of the Mexican Supreme Court of Justice recently held, contrary to previous decisions, that an indirect amparo writ of appeal could proceed against prior Mexican court decisions in the areas of letters rogatory or requests for judicial cooperation received from non-Mexican governmental authorities in the following instances: (i) when said international document does not meet the requirements established in international treaties and Mexican federal laws for their legal existence... [Read More]Mexico’s Half Hour of Rest Work Rules
The Second Chamber of Mexico’s Supreme Court recently decided that for purposes of an offer of reinstatement of work to return to a job with a full day work schedule, in the context of a labor lawsuit, such offer of reinstatement would be considered to be made in good faith if it includes a one-half hour lunch break. Based on the provisions of Article 63 of the Federal Labor Law, the court’s decision took into account that the inclusion of such rest period in the work day is a minimum... [Read More]Recent Case Decision on Issues Related to Sanctions for Tax Fraud and Trafficking in Contraband
The First Chamber of Mexico’s Supreme Court of Justice established that Article 101 of Mexico’s Federal Tax Code (Código Fiscal de la Federación) is constitutional and does not violate Article 21 of the Mexican Constitution. The substitution and commutation of sanctions or other interests of parties convicted of tax crimes involving illegal contraband or fiscal fraud is improper. The idea of substituting the sanction was based on Article 18 of the Constitution... [Read More]Extending Temporary Stay in Mexico Under an FMN or FMVC Visa
On October 3, 2007 new circulars issued by the National Immigration Institute were published in the Official Journal of the Federation through which such immigration agency agreed: (i) to increase the temporary stay from 30 to 180 calendar days on a non-renewable basis counted from the first day individuals of U.S. and Canadian citizenship enter Mexico to carry out technical or business activities; (ii) to include new countries with which the Mexican government has established visa agreements, which... [Read More]Business & Politics Outlook
Standard & Poor’s Raises Mexico’s Credit Rating
The rating agency Standard & Poor’s (S&P) raised Mexico’s long-term foreign currency sovereign debt rating from “BBB” to “BBB+” while raising the rating on short-term foreign currency debt from “A-3” to “A-2”. Mexico’s rating for long-term local currency debt rose from “A” to “A+”, and the country’s short-term peso denominated debt remains at “A-1”. S&P explained that... [Read More]Mexico Seeks to Hold a Seat on the United Nations Security Council
Mexico’s ambassador to the United Nations, Claude Heller, announced to the UN General Assembly that Mexico would be a candidate to hold a non-permanent seat on the UN’s Security Council for the 2009-2010 term. Heller stated that such action is an expression of Mexico’s political will to participate constructively in the work of the Security Council in peacekeeping and international security matters. He reiterated Mexico’s position in favor of increasing the number... [Read More]Possible Presidential Decree Would Lessen the Impact of the Single-Rate Business Tax (IETU) – Mexi
Just two weeks after approval of the Single Rate Business Tax Law (Ley del Impuesto Empresarial a Tasa Única or IETU) Mexican Undersecretary of Finance and Public Credit (SHCP), Fernando Sanchez Ugarte, assured that Mexican President Felipe Calderon would issue a decree to lessen the impact of said tax on maquiladora enterprises and highway concession holders prior to the IETU’s scheduled effective date of January 1, 2008. In particular, such official stated that Mexico would allow... [Read More]Economic Indicators
Pesos/Dollar Exchange Rate
The quoted exchange rate as of October 11, 2007 was $10.83 pesos per dollar.Mexican Stock Exchange
The Mexican Stock Exchange (BMV) closed on October 11, 2007 at 31,980.95 points.Interest Rates
On October 11, 2007, the Average Interbank Interest Rate (TIEE) for a 28-day period was at 7.70%.Mexico IP Info
Recognition of Well-Known Trademarks
For many years Mexican law has recognized certain well-known trademarks and prohibited registration with the Mexican Industrial Property Institute (IMPI) of marks considered “notoriously known”. Notwithstanding such, until recently Mexican law did not provide clear elements to determine whether or not a mark was notoriously known, thus leaving the issue to the IMPI’s discretion. At the same time, there was no specific procedure for applying for such a ruling. On June... [Read More]Feature Website
www.reformafiscal.com.mx
This month we recommend our readers visit the webpage www.reformafiscal.com.mx to obtain more information and documents relating to Mexico’s recently approved fiscal reform.