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LatinNews Daily - 17 March 2020

In brief: Coparmex calls for action to mitigate effects of Covid-19 in Mexico

* Mexico’s influential business sector lobby, Confederación Patronal de la República Mexicana (Coparmex), has issued a statement calling on the federal government led by President Andrés Manuel López Obrador to implement better fiscal stimulus measures to address the economic effects of the coronavirus (Covid-19) pandemic. Citing particular concerns about liquidity levels which will affect small and medium-sized companies (SMEs), Coparmex calls for accelerating tax cuts, particularly value-added tax (VAT), and temporarily suspending payments for income tax, above all for the air travel, tourism, logistics, and transport sectors. Coparmex recommends temporarily suspending all tax audits, establishing urgent economic stimuli for employment and investment, and temporarily suspending the special tax on production and services (STPS) on gas and diesel. Coparmex also recommends more financing and access to credit for institutions such as the development bank Nacional Financiera (Nafinsa), and the Banco Nacional de Comercio Exterior (Bancomext). Comparing the coronavirus pandemic with the 2009 AH1N1 influenza epidemic, Coparmex warned that coronavirus could have a grave impact on SMEs and the hospitality, tourism, and entertainment industries if measures are not taken soon. 

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