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Next Administration Applies Decision on taxes: SHCP

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a-negociosThe next administration rightful any decision on tax adjustments for next year, said Deputy Secretary of Finance and Public Credit, Gerardo Rodriguez Regordosa.

Asked about speculation there about a possible increase in the rate of Value Added Tax (VAT) of 16 to 22 percent in 2013, said that any such decision will be for the new government.

Interviewed at the launch of the future of yellow corn in Mexican Derivatives Exchange (MexDer), clarified that the outgoing administration work belongs only in the preliminary economic package for next year and put it to consider the transition team.

Thus, the official said the Ministry of Finance and Public Credit (SHCP), the development of this package is the responsibility of the new administration, which will have to send its proposal to Congress by December 15th.

On whether the proposed economic package contemplate tax increases, he said. 'That is for the new administration, any decision of any similar nature will correspond to how they want to address them'.

'It's not up to us now as outgoing administration and we are working only armed himself assumptions or underlying precepts for assembly of the draft, "he added
He mentioned that in terms of the Income Tax (ISR), the law itself considers this tax and a reduction in the rate of 30 to 29 percent, and is an element that is being considered as part of discussions of the draft armed .

On whether the outgoing authorities of the Ministry of Finance have any recommendations on taxation to the transition team of President-elect reiterated that they only contribute in building the economic package blueprint 'else and corresponds to the new administration. "

Regarding Mexico has the lowest tax revenues in the OECD, as today released the body Regordosa Rodriguez said the tax structure in Mexico has been strengthened in recent years, particularly with the two most recent fiscal reforms , which were made in 2007 and 2009.

He argued that if income were considered Petroleos Mexicanos (Pemex) as part of the tax revenue base, then the comparison of Mexico's federal revenue is not 'bad' at the Organization for Economic Cooperation and Development (OECD )

'The problem is when incorporating local tax and social security contributions, is where Mexico and was compared poorly against OECD countries, the clearest example is the property tax that is levied in Mexico 0.22 percent of GDP , while the OECD average is 2.0 percent, "he said.

[readon1 url="http://www.prensaglobal.com/notas/29536.html"]Source:www.prensaglobal.com – Oct 25, 2012 Translation by Suyapa Ajuria[/readon1]