Information about Mexico Minimum wage and taxes.

Minimum wage in Mexico varies depending on the country's geographic regions and sectors. As of 2021, the general minimum wage in Mexico has been determined as 141.7 Mexican pesos (approximately

7.1 US dollars) per day. However, taxes are a regulation applied to income above the minimum wage. Mexico has an income-based tax system. Tax rates vary depending on the amount and type of income. There are various types of taxes in Mexico, such as individual income tax, corporate tax, value added tax (VAT) and local taxes. Individual income tax rates vary depending on the amount of income, and income above a certain threshold is taxed. The corporate tax rate is generally 30 percent. The VAT rate is generally 16 percent for essential consumer goods. However, different rates may apply for some special products. The tax system in Mexico is quite complex and can vary depending on a variety of variables such as tax rates, exemptions, deductions and other factors. Therefore, it is recommended that you seek further information regarding taxes from the Mexican Ministry of Finance or a tax advisor.

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