Mexico City .– The Secretary of the Treasury, Edgar Amador Zamora, warned Tuesday that the new 3.5% tax on remittances discussed in the United States Congress could have “important” effects on some states, such as Chiapas, Guerrero, Zacatecas and Michoacán.
The official explained that, although the fiscal impact of the new tribute would be “neutral” for the public finances of Mexico, the effect could be considerable for the economy of certain states of the country.
“The magnitude of the impact could be equivalent to 3% of the gross domestic product in thick terms, but the regional impact could be very important,” he said during his participation in the National Meeting of Regional Directors (RNCR) 2025 of BBVA Mexico.
He stressed that in some entities, such as Chiapas, Guerrero, Zacatecas and Michoacán, remittances represent more than 10% of local GDP and, for many families, up to 20% of their income.
Amador also questioned the legality of the Tax proposed by the US, considering that it taxes income that were already taxed.
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“Repealing with an available income tax could be typified as double taxation and would probably breach the treaty to avoid the double taxation between Mexico and the US,” he said.
The Secretary of the Treasury said that more than 94% of remittances are made by traceable electronic means and if this tax is imposed, the cost could fall on consumption in the US, since “probably what can happen is that they will send additional dollars, which would reduce the income available for consumers in the US.”
The 3.5% legislative proposal was already approved in the House of Representatives and will discuss the Senate.
Mexico received a record of almost 65,000 million dollars in remittances in 2024, which represent almost 4% of the economy of Mexico, the second largest receiver of these currencies in the world, only behind India.
With EFE information
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