New Taxes to Weigh on Economy

MEXICO - Report 20 Nov 2013 by Mauricio Gonzalez and Ernesto Cervera
Executive Summary Last week the Chamber of Deputies passed the Federal Spending Budget (FSB) for 2014. It authorizes 8.47 trillion pesos in spending, a real term 8.8% increase over the 2013 spending budget.According to the Ministry of Finance (SHCP), the budget favors investment expenditure over current spending: infrastructure investment will be 14.3% greater in real terms than under the current year’s budget, a considerably greater variation than the 2.8% increase approved for spending on personnel services. The most pronounced percentage increase among investment expenditure items was in...

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