SECTIONS
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NEWS |
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 Michelin inaugurates plant in Queretaro
Industrias Michelin inaugurated yesterday its. second retreaded tires plant in North America, where US$ 40 million were invested. In a press conference prior to the inauguration, Eduardo Bernes, Michelin Mexico Heavy Trucks Division Director, and Jim Micali President and CEO of Michelin North America, announced that this plant is expected to generate around 120 direct jobs from now up to the end of the year.
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US$5 million to be invested and 400 jobs to be generated in Acuña, Coahuila
Investments for around US$5 million will be used. in the construction of a new industrial park in this City, where maquiladoras of the metal-mechanics field will be installed, generating 400 jobs. The Municipal Director for Economic Foster, Armando Amezcua, informed that the project will last two years, and in the first stage 100 jobs will be generated, to reach 400.
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Automobiles production and exports drop
Annual rate of vehicles produced and exported by Mexico dropped last. June due to weak sales in the domestic market and a lower demand of automobiles in the USA, declared today the Mexican Automotive Industry Association, Asociación Mexicana de la Industria Automotriz (AMIA). Autos production went down 1.2% to 191 thousand 921 automobiles, while exports dropped 1.8% to 153 thousand 234 units in June, both figures compared to even month last year, said AMIA in a report.
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ProLogis will invest US$600 million in three years
ProLogis, the industrial parks developer, is planning to invest. US$600 million in Mexico in the next three years, according to Silvano Solis, Vice-president and Regional Director for Mexico. This investment will be applied to the construction of new industrial parks, infrastructure development and buildings for manufacturing companies.
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US$100 million invested in Industrial Parks
With the purchase of IBM Campus, the Industrial Parks Association. forecasted an investment of US$100 million for this year. Hardy Milsch, the Association's Chairman, informed that in addition MEP$25 Million will be invested to build Tecnologico 3 Industrial Park, which construction will start this year. Together with the offer of the new parks, the association has 25 points in the State.
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Mexichem associates with Polyone
The Mexican chemicals company Mexichem informed today a joint- venture. was entered with the US Company Polyone Corporation to produce plastics. In a document sent to the Mexican Stock Exchange Mexichem informed it purchased 50% of the shares of the Colombian Company Geon Andina, for an undisclosed amount.
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ARTICLE OF THE WEEK
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Comments to the tax bill submitted to Congress
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 On June 20, the Mexican government submitted various tax reform proposals to Congress. Please note that these are only draft proposals, which are sure to undergo changes upon congressional debate. However, we offer this summary of the proposed amendments as a first look at the Calderón Administration's intended approach to tax reform.
The executive bill seeks to increase collections and decrease tax evasion and avoidance. According to the bill's statement of purpose, it is also aimed at promoting fiscal federalism.
To this end, the amendments in summary propose the following:
1. Create a new single-rate business tax, levied at the 19% on income less certain deductions. During 2008 the rate would be 16%. This tax would take the place of the asset tax.
2. Create a new tax against informality, taxing cash deposits in banks exceeding MXN$20,000.00 per month, at a 2% rate. This tax would be withheld by the banking institution and creditable against the income tax.
 3. Allow state excise taxes on products already taxed by the production and services tax, as authorized by the state congresses. These products include diesel, gasoline, beer and tobacco.
4. Amend the consolidation regime under the Income Tax Law, to increase the authority's power to inspect companies in consolidation.
5. Change the income tax regime applicable to the deduction of losses on the sale of stock.
6. Add an obligation under the Income Tax Law to report loans, contributions for future capital increases and capital increases in excess of MXN$600,000.00
7. Modify the calculation of the tax on salaries and related income, changing the salary credit to an employment subsidy and integrating it into a single tax rate, maintained at 28%.
 8. Impose a 20% tax on participations in gambling and drawings.
9. Impose a 50% tax on spray paints.
The proposal also includes several amendments to the Mexican Constitution, the Tax Coordination Law, the Federal Fiscal Code, the Special Production and Services Tax Law and the Vehicle Possession or Use Tax Law.
 These changes include the introduction of new taxes and added inspection powers to the authorities. The reform also intends to regulate and eventually limit taxpayers' ability to dispute the amendments to tax laws.
As noted, this is only a summary of tax reform proposals. We will issue our Tax Reform Bulletin as soon as the amendments are approved by the Mexican Congress, to inform you of the changes to the tax laws and the key effects on taxpayers.
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Baker & McKenzie International is a Swiss Verein with member law firms around the world. In accordance with the common terminology used in professional service organizations, reference to a "partner" means a person who is a partner, or equivalent, in such a law firm. Similarly, reference to an "office" means an office of any such law firm. All Rights Reserved © Baker & McKenzie Abogados, S.C. Mexico 2007
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MEXICO'S WEEKLY HEADLINES
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| » GE and Vesta will invest in Aerospace Industrial Park in Queretaro |
| » Chrysler anticipates increasing Mexican suppliers by 2010 |
| » Mexican companies improve positions in the 500 of Fortune |
| » Injecto Group will receive international award in AAPEX |
| » Automotive production will fall in 20 years: Ford |
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