Food Tax Dropped

April 2007 | Ratings Update

Mexican Finance Minister Agustín Carstens has announced that a tax levy on food and medicines will not be a feature of the new fiscal reforms, due to be submitted to congress this month. Carstens has been in talks with senior opposition lawmaker Emilio Gamboa of the Partido Revolucionario Institucional (PRI), as the ruling Partido Accíon Nacional (PAN) lacks the majority needed in congress. The failure of former president Vicente Fox to implement similar fiscal reforms is thought to be partly because his proposed tax levies on food and medicines were unpopular among the many Mexicans in

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