Mexico’s Lawmakers Vote to Give Pemex an Even Bigger Tax Relief
- Lower house voted to cut tax burden on state oil firm to 30%
- Government had proposed reduction to 35% from current 40%
Petroleos Mexicanos headquarters in Mexico City, Mexico.
Photographer: Luis Antonio Rojas/BloombergThis article is for subscribers only.
Mexico’s lower house of Congress voted to give Petroleos Mexicanos an even bigger tax reduction than that proposed by the government in the 2024 budget, potentially providing more relief to the indebted state-owned oil company.
Lawmakers voted early Friday to reduce Pemex’s profit sharing duty payments to 30%, instead of the 35% proposed in the draft of the budget sent by Mexico’s Finance Ministry, according to a lower house statement. The measure was approved together with the revenue portion of the budget by 260-183 votes, and now moves to the Senate.