Mexico to lure undeclared cash with lower repatriation tax: decree draft
By Staff Reporter
Jan 17 Seeking to boost its paltry tax take, Mexico's government will offer those holding undeclared capital abroad a lower tax to repatriate it and invest it at home, a draft of the decree obtained by Reuters showed on Tuesday.
The decree will offer an 8 percent repatriation tax to those who bring their undeclared funds back to Mexico by mid-year, as long as they invest the money in a host of assets including fixed assets and property.
The move is in line with similar moves by both Chile and Argentina.
Mexico's presidency declined to comment on the size of the tax, but said that President Enrique Pena Nieto would make an announcement on the issue later on Tuesday. (Reporting by Alexandra Alper; Editing by Simon Gardner) - Reuters