In a bid to attract visitors to Mexico after the September 11 terrorist attacks on America which resulted in a considerable reduction in advanced bookings at hotels throughout the country, Mexico's Tourism Ministry has proposed granting tax breaks to foreign tour groups and business conferences that come to Mexico. The Ministry also suggested that foreign tourists be permitted to reclaim the 15 per cent VAT on any items they buy in Mexico.
US tourists make up around 85 percent of the 21 million people who visit Mexico each year. The drop in tourism will have significantly damaging effects on the already struggling economy - the tourist industry represents 8.9 per cent of gross domestic product and provides Mexico with its third largest source of foreign currency.
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