Mexico Companies Risk Sales Dip if New Taxes Passed

Photo by Guanatos Gwyn
Photo by Guanatos Gwyn

Reuters, 9/09/09

MEXICO CITY, Sept 9 (Reuters) – Big Mexican companies like America Movil, Femsa and Grupo Modelo risk a dip in sales if lawmakers approve a bid by President Felipe Calderon to create new taxes and raise others to make up for falling government revenues.

Faced with declining revenue due to the economic slump, Calderon asked Congress on Tuesday to hike taxes on tobacco, alcohol, gambling and telecommunications. He also suggested a new 2 percent levy on all sales.

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