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to contain errors, the most notable of which was an indication of the existence of 1,609,046 hogs in the Republic. This would infer an increase of nearly 1,000,000 hogs during the past 21 years, or since the last previous livestock census of 1902.

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616,139 Head.

551,795 Head.


334,435 Head.

♡ 248,864 Head.



Home of New York; St. Paul Fire Insurance; Maryland Casualty Company; North American; Agricultural; United States Fire Insurance Company; Niagara Insurance Company; National Insurance Company of Hartford ; Hartford Insurance Company; National Surety Company; Associated Employers Reciprocal In. surance Co.; Sherman & Ellis, Chicago, Ill.




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In analyzing the above figures, it is necessary to point out that no fixed charges, such as interest on bonds, have been paid by the Railways, and that service for the government has largely been performed on a credit basis. It is doubtful if the items listed above under this head will ever be paid for in cash. The Express receipts of some sixteen million pesos would also doubtless be greatly reduced if the freight service should ever be restored to a normal basis, both as regards quickness of shipment and security of goods in transit.



ALVARO OBREGÓN, Constitutional President of the Mexican United States,

to their inhabitants, KNOW YE:

That, in the use of extraordinary powers in matters of the Treasury granted to the Executive by decree of May 8, 1917, and based upon Art. 12 of the law creating the Federal Revenue for the present year, I have deemed it expedient to issue the following law for the collection of the taxes established in paragraphs “c” and “d” of Section XII of Article One of the Revenue Law.



TAX ON WAGES, SALARIES AND EMOLUMENTS Art. 1.--The following are subject to the payment of the tax on wages, salaries, fees and emoluments:

I.- Persons who regularly or occasionally receive wages, salaries, fees emoluments, paid to them by the Federal, State or Municipal governments.

11.---l'ersons who regularly or occasionally receive wages, salaries or any other remuneration for services or labor rendered regularly or occasionally as employees, workmen or clerks.

III.--Persons who receive fecs or emoluments in the exercise of liberal, literary, artistic or unnamed professions.

Art. 2.—The following are exempted from the payment of the tax:

I.-Persons included in Sections I and II of the preceding Article when the total of such wages, salaries, fees or emoluments for a given month does not exceed two hundred pesos.

II.- Persons included in Section III of the preceding Article, when the total of their fees or emoluments for a given semester does not exceed 1,200 pesos.

III.--Salaries of foreign diplomatic representatives.

Il'.- Salaries and fees of foreign consular representatives, received in the performance of their duties but only when treaties so provide, or when in the countries which they represent, the Mexican consular representatives are not subject to a tax of the same nature as that established by this law, either because it does not exist or because they are granted a similar exemption.

V.- Members of official delegations, whether or not of diplomatic character, when representing foreign countries.

VI.—The salaries of the present President of the Republic, of the present Magistrates of the Supreme Court of Justice, of the present deputies and senators of the Federal Congress and of the other public functionaries elected by popular vote and who are performing the duties of their office at the time this law takes effect; but the exemption shall not be enjoyed in any case by the successors of those who are hereby exempted nor by those who may be reelected.

Art. 3.—The tax on wages, salaries and emoluments shall be paid monthly in the cases included in Sections I and II of Article 1, and every six months in those specified in Section III of the same article.

Art. 4.—The quota of the tax shall be according to the following


A.–For persons included in Sections I and II of Article 1:-
From one centavo to 200 pesos per month, exempt.

For that part of monthly income included between 200.01 pesos and 500 pesos, 1 per cent.

For that part of monthly income included between 500.01 pesos and 1,000 pesos, 1.25 per cent.

*Courtesy of the American Chamber of Commerce of Mexico.

For that part of monthly income included between 1,000.01 pesos and 1,500 pesos. 1.50 per cent.

For that part of monthly income included between 1,500.01 pesos and 2,000 pesos, 1.75 per cent.

For that part of monthly income in excess of 2,000 pesos, 2 per cent.
B.–For persons included in Section III of Article 1:-
From one centavo to 1,200 pesos per semester, exempt.

For that part of net semi-annual income included between 1,200.01 pesos and 3,000.00 pesos, 1 per cent.

For that part of net semi-annual income included between 3,000.01 pesos and 6,000.00 pesos, 1.25 per cent.

For that part of net semi-annual income included between 6,000.01 pesos and 9,000.00 pesos, 1.50 per cent.

For that part of 'net semi-annual income included between 9,000.01 pesos and 12,000.00 pesos, 1.75 per cent.

For that part of net semi-annual income in excess of 12,000.00 pesos, 2 per cent.

Art. 5.—Retaining fees, commissions, participations, bonuses and special remunerations received by persons who are not employees, workmen or clerks, shall not be considered as included in the tax on wages and salaries, but in the tax on emoluments and fees.

Art. 6.-Public officials and employees, as well as private employees, who hold more than one position, shall pay the tax on the total of their salaries.


TAX ON PROFITS OF COMPANIES AND ORGANIZATIONS Art. 7.—The following are subject to the tax on profits of companies and organizations whatever may be the nature of their business.

I.--National corporations, collective and silent partnerships and co-operative societies.

II.-- Temporary or profit-sharing organizations.
III.-Civil corporations.
IV.-Branches and agencies of foreign companies.
V.—Private individuals and organizations engaged in commerce.

VI.---Any other individuals, who, separately or collectively, have or exploit, with their own or other capital, any business :-industrial, mining, transportation, banking, amusement, educational, or any other in which capital is employed, excepting only agricultural enterprises belonging to private individuals.

Art. 8.- Mexican companies, temporary or profit sharing enterprises and organizations, shall pay the tax on their total net profits, whether obtained in or out of the Republic.

Art. 9.–Foreign companies and organizations legally established in the Republic, shall be subject to the tax on the net profits obtained therein. When a foreign company operates in the Republic without having complied with the legal requisites, the tax shall be levied and paid, jointly and severally by the person or persons, who in fact have conducted the business of the said company in the Republic.

Art. 10.--The profits affected by this law are those which are realized during the year, in cash or in kind, and the tax is imposed by taking into account, not the time when the profit was earned but when it was actually received.

Art. 11.–For the effects of this chapter the following do not constitute profits:

I.-Gifts between living persons.
II.-Legacies and inheritances.

III.- -Profits derived from gifts of fortune: wagers and lotteries authorized by law ; raflles permitted by law and discovery of treasure.

IV.--Increase in the value of personal and real property, whatever its cause ; excepting when such increase proceeds from the re-investment of the profits in the sa me business; but these last increments shall not cause a tax greater than that which corresponds to the re-invested profits. When the normal profits of a company or an organization, as mentioned in this chapter, proceed from the increase in the value of its property, as in the case of speculators, merchants, or any other person or concern, which profits by the increase in the value of its capital, such increments do not constitute an exception ; but these same increments are not subject to

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