Mexico to Lure Undeclared Cash with Tax Incentives VOA News
go to original January 18, 2017

A campaign run by British tax authorities in 2012 warned against undeclared income (HMRC)

Mexico said on Tuesday it will offer holders of undeclared capital abroad tax incentives to bring it home in a bid to lure some $10 billion in investment and steel itself against potential shocks from the incoming Trump administration.

Confirming a Reuters report, the government said it will offer an 8 percent repatriation tax on those funds returning to Mexico in six months, provided they go into investments including fixed assets and property for at least two years.

The 8 percent tax, which is well below Mexico's top income tax rate of 35 percent, must be paid 15 days after money is transferred, President Enrique Pena Nieto's office said in a statement.

The government said the powerful CCE business lobby estimated the plan could yield $10 billion in investment.

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