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Mexico To Eradicate Fiscal Deficit By 2017

by Mike Godfrey, Tax-News.com, Washington

14 January 2015


Mexico's Undersecretary of Finance and Public Credit, Fernando Aportela, said during a talk on the country's economic prospects in 2015 that the Government is aiming to balance the federal budget by 2017.

Aportela noted that the deficit target last year was 1.5 percent of gross domestic product (GDP). The deficit is expected to fall to one percent of GDP this year, followed by a further drop to 0.5 percent of GDP in 2016, before reaching zero percent of GDP in 2017.

Mexico's 2015 Budget contains no new taxes or increases to existing taxes. Last year President Enrique Peña Nieto's Government signed a Tax Certainty Agreement, which commits to keeping Mexico's tax system unchanged until November 30, 2018. According to the agreement, taxes will only be changed in response to "substantial macroeconomic events which make it imperative to make changes."

Mexico's non-oil tax revenue reportedly reached MXN1.65 trillion (USD112bn) between January and November, 2014, representing an increase of 6.3 percent from the same period of 2013.

TAGS: Finance | tax | economics | fiscal policy | gross domestic product (GDP) | budget | Mexico | revenue statistics | Tax

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