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Mexico: Fiscal Reform Measures Published in Federal Official Gazette

(Nov. 2, 2007) On October 1, 2007, the Mexican government officially published a fiscal reform package to increase the government's revenue. The fiscal laws amended are: the Income Tax Law, the Federal Fiscal Code, the Special Tax Law on Production and Services, and the Value-Added Tax Law. The package newly establishes an employment subsidy; the Federal Law of Rights in Matters of Hydrocarbons; the Federal Budget and Fiscal Responsibility Law; the Organic Law of the Federal Public Administration; the Fiscal Coordination Law; the Law of Public Sector Acquisitions, Rentals and Services; and the Public Works and Related Services Law. The package also includes the promulgation of the Tax Law on Cash Deposits, which will become effective on July 1, 2008, and the Single-Rate Business Tax Law. (DIARIO OFICIAL, Oct. 1, 2007.)