Comprehensive tax reform is coming in Mexico
By Manuel Rajunov and Dania Duncan
Mexico’s president, Enrique Peña Nieto, has submitted to the Mexican Congress a proposed bill for the comprehensive overhaul of Mexico’s federal tax system. If adopted by Congress, these reforms would take effect as of 1 January 2014.
The stated purpose of this proposed overhaul is to establish a more socially just tax regime. Specifically, this reform aims to increase federal tax revenue in order to create economic growth by investing in education and infrastructure (with special focus on the energy sector) and providing social safety nets, such as universal pension benefits to the elderly (those over the age of 65) as well as unemployment insurance for those who qualify.
It is important to note that these two entitlement programmes are new to the Mexican political landscape and that the proposed bill includes provisions that define the programmes and regulate their scope and function, while imposing new obligations on employers…
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