Mexico
News

Mexico announces tax breaks to aid oil-producing southeast

Bnamericas Published: Thursday, May 12, 2016
Mexico announces tax breaks to aid oil-producing southeast

Mexico's government will introduce tax breaks on new investments in the oil-producing southeastern states of Campeche and Tabasco, which have been impacted by the drop in crude prices.

Investments in new assets will be 100% tax deductible until December 31, while companies and entrepreneurs will be exempt from paying income tax during April, May and June, among other measures, in a bid to reactivate economic activity in the region, according to the finance ministry (SHCP).

Details of the strategy, originally announced by President Enrique Peña Nieto (pictured) in early May as part of an economic plan for the two states, were revealed by the SHCP on Wednesday to coincide with the publication of a presidential decree.

Taxpayers in the two states will have until September to file their returns for the first six months of the year.

The fall in oil prices has severely impacted Mexico's revenues, with state oil firm Pemex having undergone a US$5.5bn budget cut for this year, the second consecutive year in which its finances have been clipped.

Subscribe to the most trusted business intelligence platform in Latin America. Let us show you our solutions for Suppliers, Contractors, Operators, Government, Legal, Financial and Insurance.

Subscribe to Latin America’s most trusted business intelligence platform.

Other projects in: Oil & Gas (Mexico)

Get critical information about thousands of Oil & Gas projects in Latin America: what stages they're in, capex, related companies, contacts and more.

  • Project: Field Mulach
  • Current stage: Blurred
  • Updated: 4 months ago
  • Project: Block Trión
  • Current stage: Blurred
  • Updated: 5 months ago

Other companies in: Oil & Gas (Mexico)

Get critical information about thousands of Oil & Gas companies in Latin America: their projects, contacts, shareholders, related news and more.

  • Company: COSL México, S.A. de C.V.  (COSL México)
  • The description included in this profile was taken directly from an official source and has not been modified or edited by the BNamericas’ researchers. However, it may have been...
  • Company: Citla Energy, S.A.P.I. de C.V.  (Citla Energy)
  • Mexican independent E&P company Citla Energy, S.A.P.I. de C.V. (Citla Energy) is focused on acquiring onshore and offshore oil and gas assets in Mexico. The firm was founded in ...
  • Company: LAVISA, S. DE R.L. DE C.V.
  • The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...