Pemex to receive special fiscal treatment
President Andrés Manuel López Obrador (AMLO) said that his government has extensive tax relief measures, to be announced later this week, in store for Mexican NOC Pemex.
AMLO said no foreign company is taxed as high as Pemex and promised to reduce the tax burden in an "unprecedented" manner.
He added that his measures would reduce government income and would be financed by savings from austerity and by combatting corruption.
The announcement comes as the government has been in a tit-for-tat discussion with ratings agency Fitch regarding its decision to downgrade Pemex' credit rating due to the government's perceived lesser commitment to the company, among other reasons.
Pemex supplied 18% of Mexico's national budget in 2017.
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