Mexico

Standards

National standards organizations

Integration in the international standards network

The Mexican Official Standards are compulsory and are delivered by the Secretariat of Commerce and Industrial Development or by another secretariat if the product is subject to regulation standards such as technical standards or Mexican standards of voluntary standardisation (NMX.CC), similar to ISO 9000 standards. The certifications and analyses are made by recognised laboratories with the National System of Accreditation such as the National Laboratory of the Construction and it is necessary to present the certification request to the Standards of the SECOFI Head office (Secretariat of Trade and Industrial Development).

Classification of standards

Online consultation of standards

Certification organizations

Legal framework

Independence of justice

Though judiciary in Mexico is independent o f the executive and the legislature, but in reality it is cumbersome and undermined by widespread bribery.

Equal treatment of nationals and foreigners

Mexico is not ruled by law. Widespread violent crime exists in the country. Mexico has one of the highest rates of kidnappings in the world. Foreign nationals cannot expect an impartial trial from the country's judicial system. There is high degree of corruption in the country. Illegal drug money worth billions of dollars is laundered each year in Mexico and country's financial, political, military, and judicial institutions facilitate it.

The language of justice

Spanish is the judicial language in Mexico, but English is widely used .

Sources of the law and legal similarities

The main source of the law is the constitution of 1917. The legal system is a mixture of US constitutional theory and civil law system, in addition to the judicial reviews of various legislative acts. Mexico accepts compulsory ICJ jurisdiction but with reservations.

Consulting national laws online

Tax rates

Accounting rules

Tax year

The fiscal year begins on January 1st and ends on December 31st of the same year.

Accounting regulation bodies

Accounting reports

BALANCE SHEET:
1) Assets
- Current assets
- Liquid assets
- Doubtful net provisions
- Employees
- Other
- Income taxes
- Inventories
- Total current assets
2) Equipment, machines: tangible assets
- Depreciations
3) Other assets
4) Total assets
PROFIT AND LOSS ACCOUNT:
1) Net sales
2) Gross profit
3) Selling and general expenses
4) Running income
5) Cost of global financing
- Interests
Fluctuations
6) Profits before income tax
- Income tax
7) Net profit.

Publication

The balance sheet, the profits and loss account and the balance are compulsory.

Professional accountancy bodies

Certification and auditing

The accounting authorities are the audit department of the Ministry of Finance.

Accounting news

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