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01-19-2017, 08:15 PM #1
Mexico lures $10 billion undeclared cash with tax plan: Fears incoming Trump administ
Mexico lures undeclared cash with tax plan, eyes $10 billion intake
Tue Jan 17, 2017 | 4:07pm EST
MEXICO CITY
Mexico said on Tuesday it will offer holders of undeclared capital abroad tax incentives to bring it home in a bid to lure some $10 billion in investment and steel itself against potential shocks from the incoming Trump administration.
Confirming a Reuters report, the government said it will offer an 8 percent repatriation tax on those funds returning to Mexico in six months, provided they go into investments including fixed assets and property for at least two years.
The 8 percent tax, which is well below Mexico's top income tax rate of 35 percent, must be paid 15 days after money is transferred, President Enrique Pena Nieto's office said in a statement ahead of an expected announcement later on Tuesday.
The government said the powerful CCE business lobby estimated the plan could yield $10 billion in investment.
Latin America's second-largest economy is facing pressure from U.S. President-elect Donald Trump, who is looking to cut taxes and has threatened a hefty border levy on companies that ship Mexican-made goods to the U.S. marketplace.
Mexico's move, which was floated last week, is in line with similar moves by both Chile and Argentina.
http://www.reuters.com/article/us-me...-idUSKBN1512WA
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01-19-2017, 09:52 PM #2
I hope Mexico makes more efforts and succeeds to make their country better so their citizens don't feel the need to leave.
Matthew 19:26
But Jesus beheld them, and said unto them, With men this is impossible; but with God all things are possible.
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01-19-2017, 10:42 PM #3
Wow!! It looks like Trump is already helping Mexico to see the light and a better way of running its country too!! Trump will be a great leader and set good examples for other countries. It's just so nice to have a really smart President who loves our country above all others, as a President should.
A Nation Without Borders Is Not A Nation - Ronald Reagan
Save America, Deport Congress! - Judy
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