Mexico extends offer to bring home undeclared capital from abroad

07/14/2017 Reuters

MEXICO CITY (Reuters) – Mexico will extend a tax repatriation plan aimed at bolstering the country’s paltry fiscal revenues after it pulled in nearly 76 billion pesos ($4.3 billion) in the first half of the year, President Enrique Pena Nieto said on Friday.

The plan, which offers holders of undeclared capital abroad tax incentives to bring it home, was originally set to expire in July, but Pena Nieto said he was extending it through October due to its success.

“The favorable response to this initiative is additional indication of confidence in our country,” he said in a speech.

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

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