date:Jul 29, 2013
T) toexemptions, Torres said.
Mexico has long debated whether food and medicines should besubject to VAT. The finance ministry estimates the governmentloses out on revenues equal to 1.14 percentage points of GDP ayear due to the zero rate.
Although Mexico has a balanced budget and optimism about thegovernment's reform agenda is drawing a surge in foreigninvestment, ratings agencies say the skimpy tax base and oildependence have been hurdles to a sought-after upgrade,especially as oil output ha