| | |  News Around the Republic of Mexico | October 2009 
Mexico’s PRI Won’t Approve Calderon’s 2% Tax Plan
 Laura Price - Bloomberg
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October 20, 2009
Mexico’s Institutional Revolutionary Party, the largest party in the lower house of Congress, won’t accept President Felipe Calderon’s proposal for a 2 percent consumption tax to fight poverty, the Finance Ministry said.
Progress was achieved in talks on the majority of Calderon’s proposals, excluding the sales tax, the Finance Ministry’s Public Credit Department said in an e-mailed statement.
The tax, which would be used to fund social programs, is part of a package of proposals submitted to legislators on Sept. 8, along with the 2010 budget. Calderon is seeking spending cuts, a wider deficit and tax increases as revenue falls because of declining oil output and the global economic slowdown.
The PRI, as the party is known, and the department are continuing discussions and analyzing fiscal alternatives, according to the statement.
The currency gained 0.2 percent to 13.0850 per U.S. dollar at 11:13 a.m. New York time, from 13.1110 on Oct. 16. It has strengthened 3.3 percent so far this month.
To contact the reporter on this story: Laura Price in London at lprice3(at)bloomberg.net
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