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Oct 9, 2013

Mexico government ready to dilute tax overhaul plan

MEXICO CITY (Reuters) – Mexico’s government is primed to water down parts of a proposed tax overhaul that aims to boost the country’s slender tax take, the head of the ruling Institutional Revolutionary Party (PRI) said on Wednesday.

President Enrique Pena Nieto aims to raise Mexico’s anemic tax take by around $35 billion by 2018, but political opposition and intense lobbying by business groups mean sections of his reform will be sacrificed to push it through Congress.

Oct 9, 2013

Mexico gov’t ready to dilute tax overhaul plan

MEXICO CITY, Oct 9 (Reuters) – Mexico’s government is primed
to water down parts of a proposed tax overhaul that aims to
boost the country’s slender tax take, the head of the ruling
Institutional Revolutionary Party (PRI) said on Wednesday.

President Enrique Pena Nieto aims to raise Mexico’s anemic
tax take by around $35 billion by 2018, but political opposition
and intense lobbying by business groups mean sections of his
reform will be sacrificed to push it through Congress.

Oct 2, 2013

Mexican conservatives show openness on reform tied to energy bill

MEXICO CITY (Reuters) – Mexico’s main opposition party has signaled it is ready to compromise over demands for electoral reform that risk impeding a government bill to liberalize the oil industry.

Last month, the conservative National Action Party (PAN) proposed an electoral reform that seeks to curb the power of the ruling Institutional Revolutionary Party, or PRI, which has dominated Mexican politics for most of the past century.

Oct 1, 2013

Maersk bullish on Latin America, eyes Mexico’s deep water oil

MEXICO CITY (Reuters) – Danish oil and shipping group A.P. Moller-Maersk (MAERSKb.CO: Quote, Profile, Research, Stock Buzz) sees big investment potential in Latin America, including deep water oil projects and ports in Mexico, its chief executive said on Tuesday.

In an interview with Reuters, Maersk’s Chief Executive Nils Andersen said the company was closely monitoring Mexico’s efforts to enact a bill to open up the oil industry to more private investment submitted to Congress last month.

Sep 25, 2013

Mexico to escape recession after floods, but risks to growth rise: Reuters poll

MEXICO CITY (Reuters) – Mexico is unlikely to be dragged into recession by severe flooding that has laid waste to large areas of farmland, destroyed homes and killed dozens of people, but the flooding has increased risk, a Reuters poll showed on Wednesday.

Mexican gross domestic product (GDP) suffered a surprise contraction of 0.7 percent in the second quarter compared with the previous three month period after eking out growth of less than one tenth of a point in the January-March period.

Sep 25, 2013

Prominent Mexicans urge government to decriminalize marijuana

MEXICO CITY (Reuters) – A broad spectrum of prominent Mexicans, including former ministers, businessmen, artists and a Nobel Prize-winning scientist, on Wednesday urged the government to decriminalize marijuana in a bid to curb gang violence and corruption.

Since 2007, about 80,000 people have been killed in turf wars between drug cartels and their clashes with security forces, leading to calls for a change in policy in Mexico and elsewhere in the U.S.-led war on drugs.

Sep 8, 2013

Mexico dilutes fiscal reform as plan dodges sales tax

MEXICO CITY (Reuters) – Mexico aims to increase taxes on higher earners, levy a charge on stock market gains and scrap loopholes, according to a draft of the government’s fiscal reform, but it has retreated from widening sales tax amid an economic slowdown.

Applying sales tax to food and medicine is a political hot potato in Mexico, and its omission will dilute the impact of the President Enrique Pena Nieto’s reform because it was seen as one of the most effective ways of raising more revenue.

Sep 5, 2013

Analysis: Mexico’s president lines up reform blitz, legacy at stake

MEXICO CITY (Reuters) – Mexico’s Enrique Pena Nieto has only been in charge nine months, but the success of his presidency depends largely on how he steers divisive economic reforms through Congress with the opposition by the end of this year.

Pena Nieto is targeting economic growth of some 6 percent a year – up from an average of barely 2 percent since 2000 – via a number of key reforms: opening up the oil industry to foreign investors, boosting tax revenues, fomenting competition in major industries and overhauling a broken education system.

Sep 5, 2013

Mexico’s president lines up reform blitz, legacy at stake

MEXICO CITY, Sept 5 (Reuters) – Mexico’s Enrique Pena Nieto
has only been in charge nine months, but the success of his
presidency depends largely on how he steers divisive economic
reforms through Congress with the opposition by the end of this
year.

Pena Nieto is targeting economic growth of some 6 percent a
year – up from an average of barely 2 percent since 2000 – via a
number of key reforms: opening up the oil industry to foreign
investors, boosting tax revenues, fomenting competition in major
industries and overhauling a broken education system.

Sep 4, 2013

Mexico tax overhaul to shield poor from food, medicine hikes: lawmakers

MEXICO CITY (Reuters) – Mexico’s government is poised to break a taboo and tax some foods and medicine under an tax overhaul proposal but will take measures that shield the country’s poorest, ruling party lawmakers said on Tuesday.

The bill will also very likely propose raising the top income tax rate for the wealthiest to as much as 40 percent from 30 percent, several officials from President Enrique Pena Nieto’s Institutional Revolutionary Party (PRI) said on condition of anonymity.