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Mexico Commits To Stable Taxes In 2016 Budget

by Mike Godfrey, Tax-News.com, Washington

01 September 2015


The head of Mexico's Secretariat of Finance and Public Credit (SHCP), Luis Videgaray Caso, has said that Budget 2016 will not include new taxes or increases to existing taxes.

The Secretary dismissed rumors that the Government plans to extend the value-added tax (VAT) to food and medicines in order to shore up revenues in the context of low oil prices and a volatile global economy. "Nothing is more false," he said during a meeting with senators from the Institutional Revolutionary Party (PRI) and the Ecologist Green Party of Mexico (PVEM).

The Secretary said that rather than increasing the country's tax burden, the Government will cut back its spending. He also said that the Government will not take on more debt.

At the beginning of last year President Enrique Peña Nieto's Government signed a Tax Certainty Agreement, which commits to keeping Mexico's tax system unchanged throughout the remaining period of his administration, until November 30, 2018.

Last month Mexico reported that its tax revenues during the first half of the year increased by 28.8 percent compared with the same period of 2014.

TAGS: Finance | tax | economics | value added tax (VAT) | fiscal policy | Mexico | food | tax rates | tax reform | Tax

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