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LatinNews Daily - 26 July 2021

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In brief: Tax evasion in Mexico estimated to amount to 6% of GDP

* Tax evasion in Mexico added up to M$1.4trn (US$69.8bn) last year, equivalent to 6 % of GDP, according to a report by Mexican accounting firm Fixat accessed by Spanish newswire EFE. Fixat attributes this high figure to the fact that tax audits increased in the first quarter of 2021. These in turn led to a 10% increase in the amount of tax debts recovered by the authorities to M$17.75bn. According to Fixat, large taxpayers are responsible for 52% of this tax evasion, while the rest is a result of irregular tax payments from salaried employees and individuals with business activities.