The Washington Post

Congress Gets Tax Revenue Bill

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President Felipe Calderón sent a tax bill to Mexico’s Congress that seeks to boost collection by about 30 percent over six years to reduce the government’s dependence on oil.

The initiative, which targets companies, aims to increase non-oil tax revenue as a percentage of gross domestic product, Finance Minister Agustín Carstens said.

Mexico needs to boost its tax collection to avert a deficit as output from its main oil field declines. Almost 40 percent of federal revenue comes from taxes paid by state oil monopoly Petroleos Mexicanos. Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.

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