On September 8, 2013 the Government of President Enrique Peña Nieto announced its plan of fiscal reforms aimed at boosting revenue and improving social development programs. On January 1, 2014, these new taxes came into effect. Among the reforms there is a 16 percent value added tax and an increase of 8 percent on the Special Tax over Products and Services (IEPS) to processed foods with a determined caloric value These taxes will be applied to domestic and imported products.
