LatinNews Daily - 19 June 2025

*The Mexican institute of certified public accountants (IMCP), a professional body, has been cited by the local and international media as estimating that US President Donald Trump’s proposed 3.5% tax on remittances sent home by expatriate workers could reduce remittances sent to Mexico by up to US$2.25bn. Initially a 5% tax was proposed but this has since been reduced to 3.5% in the proposal which features in ‘The One, Big, Beautiful Bill’, a legislative initiative presented in the US House of Representatives’ Ways and Means committee last month by its chairman, Jason Smith (R-MO). If approved, the tax would significantly impact the Mexican economy where remittances account for approaching 4% of Mexico’s GDP. IMCP president Héctor Amaya Estrella told Spanish newswire EFE that if this tax is approved, the possible emergence of a black market cannot be ruled out given the costs it would involve.

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