Mexico Senate committees approves tax hike

Fri, 30 Oct 2009 | Published in Mexico

* Senate committees pass increase in value-added tax
* VAT hike may not be enough to stave off rating downgrade (Adds quotes from analyst and lawmaker, peso level)

MEXICO CITY, Oct 30 (mexico.vg) – Mexican Senate committees have approved a watered-down version of President Felipe Calderon’s proposal to raise consumption taxes in order to reduce Mexico’s dependence on its waning oil industry.