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Today’s Top Headlines

Mexico Rules Out Near-Term Tax Reforms

by Mike Godfrey,, Washington

15 March 2017

Mexico lacks the fiscal space to bring about tax reform to buoy the economy, Secretary of Finance and Public Credit Jose Antonio Meade has said, discussing the potential impact of US tax policy decisions.

In an interview on TV Azteca, he said that the ongoing austerity drive in Mexico will limit the Government's ability to take fiscal action to cushion the economy if a trade spat began with the United States.

He was referring to proposals US President Donald Trump has put forward to levy a tax to fund the creation of a wall behind Mexico and the United States. The Republican Party has also put forward proposals for a Border Adjustment Tax, which would be levied on all states. The BAT proposal would adopt a corporate tax provision operating in a similar fashion to other countries' value-added tax (VAT) systems, whereby a tax would be imposed on imports and tax rebates would be provided on exported goods.

TAGS: Finance | tax | value added tax (VAT) | Mexico | United States | tax reform | trade | Tax

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