Slew of new taxes set to kick in from January 1
New taxes approved last year on high calorific food – defined as products with 275 calories or more per 100 grams – will kick in January 1, as the federal government seeks to combat Mexico’s growing obesity problem. In late October Mexico’s legislators also agreed to a one peso per liter surcharge on all sugary soft drinks.
Significant changes to Mexico’s taxation code, approved by Congress last year, take effect on January 1, 2014, as federal authorities seek to clamp down on tax evasion and widen the country’s taxable base.
After a 20-hour session, the Mexican Senate Wednesday morning approved historic legislation that will open up the country’s stagnant energy sector to private investment.
In his first year of office Mexican President Enrique Peña Nieto has overseen a sluggish economy with an expected growth rate less than half (1.3 percent) of that registered in his predecessor Felipe Calderon’s debut year (3.1 percent).