Mexico income tax law for 2024 Mexico Income Tax Rates for 2024

Mexico Income Tax Brackets

Tax Bracket (yearly earnings) Tax Rate (%)
$0 - $5,923 1.92%
$5,923 - $50,525 6.40%
$50,525 - $88,793 10.88%
$88,793 - $103,218 16.00%
$103,218 - $123,580 17.92%
$123,580 - $294,243 21.36%
$294,243 - $392,842 23.52%
$392,842 and up 30.00%

Mexico has a bracketed income tax system with eight income tax brackets, ranging from a low of 1.92% for those earning under $5,923 to a high of 30.00% for those earning more then $392,842 a year.

How does the Mexico Income Tax compare to the rest of the world?

Mexico has one of the lowest income taxes in the world, charging a maximum income tax of 30.00%. Countries with similar tax brackets include Poland with a maximum tax bracket of 32.00%, Iceland with a maximum tax bracket of 33.00% and Turkey with a maximum tax bracket of 35.00%. Keep in mind that our ranking measures only nationwide income taxes, and does not account for local income taxes at state, province, or municipal levels.

Mexico Income Taxes
Maximum Income Tax Income Tax Allowance World Tax Rank
30.00% $7,394 ($0 USD) 24th of 34

What is the Mexico Income Tax?

Mexico's personal income tax is a bracketed income tax that must be paid yearly by all citizens to the government of Mexico. Failure to pay, or underpayment of, the Mexico income tax can result in high fees, fines, or jail time.

In addition to Mexico's income tax, other taxes may apply to wages or profits earned, including social services, medical care, and capital gains taxes.

Mexico Income Tax Allowance

Mexico provides most taxpayers with an income tax allowance of $7,394, which can be kept as a tax-free personal allowance. Mexico's tax credit is a basic (fixed) non-wastable allowance available to all (single) taxpayers without dependents.

A tax credit is a fixed amount of money that may be kept by taxpayers without paying any income taxes. Generally, a tax credit is subtracted from your gross income before your taxable income is calculated.


<< Back to World Taxes homepage