President Peña Nieto has delivered his 2014 tax reform package to Congress. His proposal seeks to reduce the tax burden on state-owned oil company Petroleos Mexicanos (PEMEX) and increase government revenue through other tax measures. While not as sweeping a tax reform as expected, the reform package seeks to strengthen government revenue and growth by increasing corporate and individual income tax rates, establishing stock exchange capital gains and dividend taxes (each with a 10 percent rate) and eliminating permitted deductions and exemptions.
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