Mexican Government Acknowledges Industry Concerns Over Tax Reforms

Following a meeting this last Wednesday with the head of the Mexican Business Coordinating Council (CCE), Luis Videgaray, the head of the Ministry of Finance and Public Credit (SHCP), announced that significant understanding has been reached by the two groups regarding the proposed tax reforms.

While he would provide no details, insisting that the final decision is in the hands of legislators, Videgaray also stated that the government is committed to interacting with the private sector and communicating their concerns and desired changes.

The President of the CCE, Gerardo Gutierrez Candiani, reported that he was satisfied after the meeting and pleased by receptivity of the Ministry of Finance. The CCE group, representing maquilidoras among other Mexican business interests, believes that 90% of the tax reform initiative should be modified and can be done so with some fairly simple changes.

It is now believed that federal authorities, understanding the concerns of the business sector, have agreed on several key points. And while the Mexican president, Pena Nieto, has stated that he wants tax reforms implemented by December, no final timeline has been established.