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Mexican senate approves new taxes on junk food and soda

October 31, 2013
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Source: AFP

Grocery bag of junk foods

Mexico’s Senate passed a vast fiscal reform on Thursday to increase the government’s lackluster tax revenue through new levies on higher earners, junk food and soda.

The reform was championed by President Enrique Pena Nieto to boost government coffers in order to invest in infrastructure and create a universal social security safety net.

But critics warn that the slew of taxes could threaten an economy that has already slowed down this year, with the government forecasting growth of 1.7 percent this year compared to 3.9 percent in 2012.

Following a night-long debate, the Senate sent the bill back to the chamber of deputies since it contained 14 changes to the provisions that passed the lower house this month.

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