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The bill proposes amendments to the Income Tax Law, the Social Security Law, the Value-Added Tax Law, and the Tax Coordination Law. Among the most significant measures are the creation of a wealth concentration tax applicable to net assets exceeding 100 million pesos, with progressive rates ranging from 2% to 6%; the elimination of the full exemption on inheritances, taxing amounts above 14 million pesos at rates of 10% to 18%; and the introduction of an exit tax on unrealised capital gains.
The proposal also includes anti-abuse measures aimed at ensuring transparency regarding controlling beneficiaries and the oversight of trust arrangements, as well as an annual tax on the ownership of luxury goods. Of the revenue generated, 60% would be allocated to funding a universal health insurance programme, while the remaining 40% would be channelled to a fund for the National Care System and climate mitigation projects. The bill remains subject to debate and approval by the Congress of the Union as part of the applicable legislative process.
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