| | |  Business News | October 2009 
Mexico Proposes Limiting Corporate Tax Deferments
 Associated Press
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October 30, 2009
 |  | Mexico presses businesses, proposes limiting tax deferments to 5 years. |  | | |
Mexico City - Mexico pressed businesses to pay more taxes on Thursday, with the administration of President Felipe Calderon forwarding a proposal to limit corporate tax deferments to a maximum of five years.
Calderon angrily lashed out at large corporations that he says pay only an average of 1.7 percent of revenue in taxes.
Calderon called that "unacceptable." He said "this cannot go on" and insisted companies should pay more.
Calderon's treasury secretary said Thursday the government is proposing that tax deferments traditionally granted for losses, investments or other reasons be limited to five years. Current law does not specify a limit.
Treasury Secretary Agustin Carstens says Mexico's tax load on businesses is currently about half the U.S. level of 3.4 percent.
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