Mexico City, June 18 (EFE).- The Mexican Institute of Public Accountants (IMCP) stated on Wednesday that the proposed 3.5% tax on remittances by the United States could reduce transfers to Mexico by up to $2.25 billion and potentially create a “black market.” Ernesto O’Farrill, president of the IMCP’s Economic Analysis Commission, noted that this figure aligns with BBVA’s estimate of a reduction of up to $2 billion by 2025. Rolando Silva Briceño, vice president of Fiscal at IMCP, warned during the monthly meeting that inadequate measures could increase the fiscal deficit by one percentage point. The tax could also lead to more informal money transfers to avoid the levy, breaking the record $64.745 billion received in 2024. IMCP president Héctor Amaya emphasized that these transfers are crucial for recipient families and impact the balance of payments, foreign investment, and international trade relations. In the first four months of 2025, remittances to Mexico fell by 2.5%. States like Chiapas, Guerrero, Zacatecas, and Michoacán, where remittances account for up to 20% of household income, would be most affected. The Mexican Economic Confidence Index (IMCE) fell by 0.49% in May, reaching 68.42 points, marking three consecutive monthly declines. Security concerns (75%), corruption (74%), and unfair competition (54%) were highlighted as the main obstacles to economic activity.
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