MEXICO: Senate Passes Watered-down Fiscal Reform Bill.

REUTERS/
Mexico's Senate approved a watered-down version of President Felipe Calderon's fiscal reform package to raise taxes and reduce dependence on oil. Minor modifications were made to a bill passed by the lower house last week and now the Congress will have to agree on the changes before Calderon signs it.
A new 3 percent tax on telecommunications that would exclude Internet services was added and the Senate s agreed to raise the VAT to 16 percent from 15 percent.