The Economist – Mexico City
This week they approved in the United States the 1% tax to remittances, before which President Claudia Sheinbaum Pardo IHe was notified that his government will activate a refund mechanism to protect receiving families; The tax only applies to those made in cash (postal turns and cash checks), while electronic transfers (such as banking or cards) were exempt.
This tax would apply to almost 40 million peopleamong residence card holders, temporary workers and migrants in an irregular situation.
AGAINST THROUGH
The tax was part of Donald Trump’s budget project, which was initially 5%, but was then reduced to 3.5% in the House of Representatives, and finally to 1% in the Senate; This reduction was for Sheinbaum “A very important achievement of our countrymen and countrymen, mainly for sending letters to their senators”
The president refers to the campaign that the nationals made to send messages to the congressmen, in those who explained why remittance tax was a bad idea, indicating disadvantages; She drives this action from her morning conferences.
For his part, the Secretary of the Treasury, Edgar Amador, explained that the flows of resources sent by migrants already pay an income tax, So adding this new tax “would be a double taxation.”
How will the refund work?
The president explained that families receiving cash remittances They must use the financial card of the Financial Welfare (FINABIEN).
When depositing the money, that 1 % will automatically refund by balance on the card. The card can be processed directly in Mexican consulates in the United States.
According to the Bank of Mexico, Banxico, the remittance families captured US $ 5,360 million in May, which meant an annual decrease of 4.6%; The president indicated that it was the result of Trump’s immigration policies, among other issues. Last year they had a record of US $ 64,745 million, equivalent to 3.5% of GDP.
