LatinNews Daily - 19 October 2021

In brief: Mexico’s revenue budget approved at committee-level

* The finance and public credit committee in Mexico’s federal chamber of deputies has approved the draft revenue budget (Ley de Ingresos), the income side of the 2022 budget proposal, with 24 votes in favour and 17 against. The Ley de Ingresos plans for an 8.6% increase in government revenue from 2021 levels to M$7.08trn (US$348.6bn) in 2022. Lawmakers from the ruling Movimiento Regeneración Nacional (Morena) hailed the Ley de Ingresos as consistent with the fiscal ambitions of the budget and noted that the government does not plan to introduce new taxes or increase existing ones, but is banking on more efficient tax collection to sustain the increase in revenue, amongst other things. Opposition lawmakers expressed concern that the projected government income is overly ambitious. The Ley de Ingresos must now be voted upon in the plenary.

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