| | |  Business News | September 2009 
Mexico's Tax Reform Debate
 Jason Lange - Reuters
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September 18, 2009
 |  | The Mexican congress has an official deadline of Oct. 31 to pass new tax measures for next year. |  | | |
Mexican lawmakers are debating President Felipe Calderon's proposal to raise taxes and lower the government's dependence on Mexico's declining oil industry.
Calderon is trying to head off a threatened downgrade of Mexico's debt rating, but the conservative leader needs support from the opposition to pass his proposal.
The cornerstone of the plan is a new 2 percent sales tax on all products, including currently exempt food and medicine. Calderon also wants to raise income taxes.
Congress has an official deadline of Oct. 31 to pass new tax measures for next year.
The following are the latest developments compiled from Reuters stories and Mexican media reports:
• The leading opposition party rejected Calderon's proposal for a new sales tax, dealing a blow to the government's efforts to reduce Mexico's dependence on waning oil output.
• Lawmakers from the country's three main parties will form a special lower house committee to examine tax deductions and evasion, Milenio newspaper reported.
• Mexico's central bank could issue a warning about the possibility of higher taxes fanning inflation, analysts said.
(Editing by Andrew Hay)
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