Mexico congress committee approves raising VAT

MEXICO CITY | Tue Oct 20, 2009 5:50am EDT

MEXICO CITY Oct 20 (Reuters) - Mexico's lower house finance committee approved on Tuesday lifting value-added tax to 16 percent from 15 percent in a tax reform to come under the 2010 federal budget.

The committee voted in the early hours of Tuesday ahead of a full house vote later in the day.

It rejected as expected a government proposal to add a new 2 percent sales tax to all goods including currently exempt food and medicine. (Reporting by Miguel Angel Gutierrez, editing by W Simon)

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