Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Mexico's president says new agreement to help Pemex lower tax burden

Published 02/18/2021, 10:38 AM
Updated 02/18/2021, 10:40 AM
© Reuters. Tanker trucks are pictured at Mexican state oil firm Pemex's Cadereyta refinery

MEXICO CITY (Reuters) - Mexican President Andres Manuel Lopez Obrador said on Thursday that a new agreement will come into force to once again reduce the tax burden on state oil company Pemex.

The loss-making oil giant has received vast financial support from Lopez Obrador's government, which has made it a priority to clean up Pemex's finances and turn around the company's fortunes.

"The (state power utility) CFE and Pemex will continue to be supported with public financing, with the budget, for the two companies. In the case of Pemex, another agreement will come into force, a decree to reduce its tax payments to the finance ministry," Lopez Obrador said in his daily news conference.

Latest comments

Mexican President is smart. Raising Taxes are no good for anyone. It sounds good to redistribute the wealth and raising cooperation taxes and minimum wages. It hurt companies and it causes the stocks price to go down. This hurts everyone, especially regular middle class.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.