October 1, 2019 / 5:11 PM / 2 months ago

Mexican finance minister says tax reform may be necessary

FILE PHOTO: Mexico's Finance Minister Arturo Herrera gives a speech after he presented the 2020 national budget to Laura Angelica Rojas (not pitured) president of the Lower House of Congress at the Congress building in Mexico City, Mexico September 8, 2019. REUTERS/Luis Cortes

MEXICO CITY (Reuters) - Mexico’s finance minister said on Tuesday that the country may eventually require a revamped tax code, although he reiterated President Andres Manuel Lopez Obrador’s promise of no new taxes during the first three years of the administration.

“The tax structure will not change in the first three years, but we have to think about what tax structure the country will need in 2022 and beyond,” Finance Minister Arturo Herrera said at an event in Mexico City.

It was unclear how far-reaching such a new structure might be, and Herrera did not provide further details.

Herrera, who was named finance minister in July, said the government is designing counter-cyclical measures to boost the economy.

In late July, the government unveiled a $25 billion stimulus package. Herrera said at the time that the package would include credits, accelerating spending this year and bringing purchases of goods and services that had been scheduled for 2020 forward.

The Mexican economy barely escaped a recession in the first half of the year.

Reporting by Anthony Esposito; writing by Julia Love; Editing by Dan Grebler

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