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Mexican president-elect pledges a tax reform bill in his first year in office

Thursday, November 1st 2012 - 07:00 UTC
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Peña Nieto takes office next December first marking the return of the PRI after twelve years on the sidelines Peña Nieto takes office next December first marking the return of the PRI after twelve years on the sidelines

Mexico's president-elect, Enrique Peña Nieto, will present a tax reform bill during his first year in office, his top aide said on Tuesday, without providing any details on the plan.

Peña Nieto will bring his Institutional Revolutionary Party (PRI) back to power after 12 years on the sidelines when he takes office on Dec. 1. He has pledged to push for major economic reforms, including overhauls of energy and tax laws.

”It is a fact and it has been repeatedly pointed out by Enrique Peña Nieto that (fiscal reform) will be one of the reforms that is promoted at the start of his administration,” said Luis Videgaray, the head of Peña Nieto's transition team.

Mexico depends on revenue from the state oil company to fund about one-third of the federal budget. Credit rating agencies have said tax reform is needed to justify a higher credit rating on Mexico's debt.

Videgaray refused to provide any details on potential tax proposals. Lawmakers in Mexico's divided Congress have battled over extending the country's value-added tax to food and medicine during the last 12 years.

Categories: Economy, Politics, Latin America.

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  • British_Kirchnerist

    What kind of tax reform. This could be a good news story, a bad news story, or a non-story, we won't know if they refuse to give details

    Nov 01st, 2012 - 11:55 pm 0
  • Elena

    1 Yes indeed :)

    The tax reform is something that has been talked about lately because of PEMEX, the goverment is planning to actualise pemex by capitalizing it but needs a tax reform before, it also needs to actualise the tax system because it has been failing for some time. Is a neccesary reform but as always there´s a posibility it will not be well and fairly aplied and done. I predict posible misencounters between PAN-PRI, PRD-PRI and PPL-ALL Parties XD over this at congress. I would like if they get to do a comprehensive and fair reform.

    Nov 02nd, 2012 - 02:00 am 0
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