Mexican senate gives general approval to government tax reform bill

October 30, 2013

MEXICO CITY, Oct 29 (Reuters) - Mexico's Senate on Tuesday gave general approval to a package of measures aimed at boosting the country's weak tax revenues including higher tax for the rich, levies on sugary drinks and junk food, as well as a charge on stock market gains.

Senators must now vote on elements of the bill that opposition lawmakers want struck down or changed. If any of those reservations are upheld and the bill is changed, it would need to be returned to the lower house of Congress where the modifications would be voted on.

A key plank of President Enrique Pena Nieto's reform agenda, the bill was approved by lower house lawmakers earlier this month after they revised it to cut plans to apply sales tax to rents, mortgages, property sales and school fees.