Mexican Senate Picks Through Final Details of President's Tax Overhaul Carbonated.tv
go to original October 30, 2013

Mexico's President Enrique Pena Nieto speaks at the presidential palace in Mexico City. (Reuters)

Reuters Update: Mexico's Senate gave general approval to the government's plan to boost tax revenues before the main opposition party walked out early on Wednesday, halting voting on divisive details of the reform.

Mexican senators debated on Wednesday parts of a tax overhaul aimed at boosting government revenues, with early voting suggesting they are unlikely to make many changes to what is a cornerstone of the president's economic reform agenda.

The Senate approved the general outline of the bill late on Tuesday and began a marathon debate through the night over sections that lawmakers have sought to repeal or change.

The bill would have to return to the lower house of Congress if senators amend it. With time running out to approve the plan, the ruling Institutional Revolutionary Party (PRI) of President Enrique Pena Nieto wants to avoid major changes.

The bill, which increases income tax rates for the wealthy and slaps levies on sugary drinks and junk food as well as a charge on stock market gains, seeks to raise total tax revenues by nearly 3 percent of economic output by 2018.

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