9- 4. Direct credit for foreign _taxes paid:_ The provision that foreign income taxes paid on income from sources outside Mexico can be deducted from the Mexican tax applicable to such income, taken separately, continues. 5. Transactions in property _other than cash:_ When transactions are effected in property other than cash, these will be considered as having been made at the value of the prop-erty in Mexican currency at the date of the transaction, at market value or at appraisal value. Transactions in foreign currency will be recorded in Mexican currency at the official exchange rate at the date of the transaction (the previous law stipulated the commercial ex change rate). Notes and accounts receivable payable in foreign currency will be adjusted to Mexican currency at the official exchange rate in effect at the fiscal year-end. This means that, as in the previous law, if there is a change in the official exchange rate of the Mexican peso, the resulting exchange gain or loss is to be reflected in taxable income in the year in which the exchange rate changes. 6. Amended returns: If, after a tax return has been filed, the taxpayer discovers that an error has been committed, which resulted in an under- or over-payment of tax, an amended return can be filed. If such amended return requires the payment of additional taxes, surcharges are payable at the rate of 1% monthly, commencing with the date of filing of the original return, but the surcharges cannot exceed 24% of the omitted tax; if the amended return is to correct errors committed in good faith, fines in addition to the surcharges will not be applied. If the amended return results in a balance of taxes in favor of the taxpayer and not more than two years have elapsed since the date of filing the original return, the taxpayer has the option of requesting a refund of said balance or of offsetting the balance against other pay-ments due The previous law provided for amended returns only when additional taxes were payable. 7. Interest on taxes paid _in excess:_ If the definitive return (original or amended) results in a balance of taxes in favor of the taxpayer, the latter has the right to a refund or an offset against other payments due. If the refund or offset is not effected within three months following the filing of the return, the taxpayer has the right to interest at 9% annually, beginning with the end of said three-month period.