Politics · Mexico · 5 hrs ago

Mexico exempts automakers and gas stations from proposed tax limits

Mexico exempts automakers and gas stations from proposed tax limits

Mexico's Chamber of Deputies approved changes to the Income Tax Law that exclude automakers and gas stations from new tax limits.

The limits would restrict deductions and tax losses for large companies, including those with annual income of 50 million pesos.

The federal government proposed the limits to combat tax evasion and avoidance.

The Senate added the exemptions, and lawmakers in the lower house approved them by 349 votes to 92.

Supporters said the exemptions account for sector differences and help protect competitiveness; they cited the auto industry's jobs and investment and the regulation of gas stations.

Opposition lawmakers criticized the changes as rushed and said they were made without enough openness.

The bill now goes to the federal executive for publication in Mexico's Official Gazette.

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