Mexico's Lower House Committee to Submit Fiscal Reform Markup September 3

Mexico's lower house budget committee on September 3 aims to present to the lower house its markup of President Felipe Calderon's fiscal reform, the lower house said in a statement.

The fiscal reform aims to reduce the country's reliance on oil tax revenue and help absorb the increased cost of operating the Mexican government.

September 3 is the first day of ordinary congressional sessions.

Among the changes to be made to Calderon's original proposal would be the inclusion of deductibles for company benefits, according to Hector Larios Cordova, the coordinator of Calderon's political party PAN.

A lawmaker from the PRI party Alfredo Ríos Camarena said his party wanted a reform to benefit state oil company Pemex.

"We want a fiscal reform that translates into greater independence and allows for technological research into oil production, the fundamental train of the Mexican economy, without privatizing Pemex," Camarena said.

PAN lawmaker Moises Alcalde, president of the public finances studies center, said structural reforms such as those relating to energy, budget and labor are needed to release the handbrake on the Mexican economy.

The reforms would help Mexico grow faster.

"We are on the right track." Camarena said.

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