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LatinNews Daily - 28 October 2019

In brief: Mexico senate returns revenue budget bill to lower chamber

* The Mexican senate has approved an amended version of the 2020 draft revenue budget bill (Ley de Ingresos) that it received from the chamber of deputies and sent it back to the lower chamber for ratification. During their debate of the Ley de Ingresos, federal deputies introduced some new taxes including one on the so-called ‘chocolate cars’, a term used to denote cars that were brought into the country without the appropriate documentation, after which they would be regularised. But members of the local automobile industry complained that the initiative would legitimise car contraband and lead to a 30% fall in the purchase of vehicles in the country. After two debates the senate decided to eliminate the new taxes introduced and return the bill for discussion by the federal deputies.

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