Saturday, October 31, 2009


The Senate approved the 1 percent value-added tax hike passed in the Chamber of Deputies earlier this month, as well as an increase in the corporate profit tax from 28 to 30 percent. Cash deposits in excess of 15,000 pesos will now be taxed (the floor was 25,000 before), at a rate of 3 percent (it used to be 2 percent).

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