Mexico General Digital Economy Law, Digi Mart USA News (Querétaro, Mexico): Morena state deputy Claudia Díaz Gayou said the new General Law on the Digital Economy seeks to eradicate black markets in which cash transactions still prevail, as well as improve audits and tax collection from companies in certain sectors.
The Senate of the Republic approved the new law on October 20. Díaz Gayou explained that the measure aims to promote mandatory digital payments for government procedures and certain services, and will close the flow of cash used for certain crimes, such as fuel theft, known locally as huachicol, at gas stations.
She also said the legislation will increase tax revenue and strengthen oversight in sectors where most economic activity is concentrated, including large companies that often use cash payments to avoid paying taxes.
Díaz Gayou rejected the idea that the new legislation will require micro, small and medium-sized enterprises (MiPyMEs) to adopt electronic payments, clarifying that it will apply only to specific sectors with high cash flow.
She nevertheless said it is important for small business owners to digitize as well, noting that doing so would help them formalize their activities and gain access to tax benefits and government support to grow their businesses.
