AMLO says the new agreement will help Pemex to lower its tax burden

FILE PHOTO: Mexico's President Andres Manuel Lopez Obrador listens to the national anthem as he arrives to address the nation on his second anniversary as president of Mexico, at the National Palace in Mexico City, Mexico, December 1, 2020. REUTERS/Henry Romero/File Photo

(Reuters) – Mexican President Andres Manuel Lopez Obrador said on Thursday, Feb. 18th, 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.

(Reporting by Ana Isabel Martínez; Writing by Drazen Jorgic; editing by Cassandra Garrison for Reuters)

Source: Reuters



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