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 Business News | October 2007 
Mexico Lawmakers' Panel OKs '08 Budget Income Bill
 Reuters
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Mexico City - The Mexican lower house finance committee approved the government's 2008 budget revenue bill on Tuesday, after amending it to include higher oil price estimates and collections from newly approved taxes.
The government's income is now seen at 2.56 billion pesos ($237 million), 157 million pesos higher than the original proposal submitted by President Felipe Calderon in September.
The budget proposal now goes to the floor of the lower house for a vote expected this week on the measure.
The revenue bill is based on a calculation of $49 a barrel for Mexican crude exports. That is 5.15 percent higher than the government-submitted proposal.
Mexico depends heavily on oil exports to fund more than one-third of the federal budget.
The government in recent years has tried to shield public finances from energy market volatility by giving conservative forecasts for the average price of a barrel of Mexican crude.
Mexican legislators recently broke a months-long deadlock and approved a tax reform bill, which includes new taxes for companies and cash bank deposits as well as a tax break for state-owned oil monopoly Pemex.
Once the lower house passes the budget, it will be turned to the Senate ahead a Nov. 15 deadline for Congress to approve the whole budget. |
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