Taxation Attorney Eugenio Grageda wrote an article for TaxNotes International discussing questions and issues surrounding the application of Mexico's two new anti-deferral tax regimes. Recently, the Organisation for Economic Co-operation and Development (OECD) has increased its efforts to help member jurisdictions identify individuals who fail to declare income earned in investments or assets held overseas. In response, Mexico passed its most comprehensive tax reforms since 2004. As part of the reform package, the new anti-deferral regimes aim to ensure income earned from foreign investments is subject to immediate taxation in Mexico during the fiscal year in which it is earned, avoiding prior situations in which taxes were delayed because the income in question had not yet been distributed. One regime is called the Régimen Fiscal Preferente, or REFIPRE, and applies to those who participate in a controlled foreign legal corporation subject to a preferential tax regime. The other is the transparency regime, which applies to those who either directly participate in a transparent entity or foreign legal figure or indirectly participate in a chain consisting of transparent entities or legal figures. Mr. Grageda addresses practical questions about these new rules, such as how to interpret the word "obtain" and how to label transparent entities and figures.