• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Mexico cuts Pemex’s tax burden, forecasts 4.1% growth for 2022

September 9, 2021 by David Barret Leave a Comment

September 9, 2021

By Anthony Esposito and Stefanie Eschenbacher

MEXICO CITY (Reuters) -Mexico’s government on Wednesday proposed sharply reducing the tax burden for state oil firm Petroleos Mexicanos and forecast economic growth of 4.1% for 2022, as Latin America’s second largest economy continues to recover from a COVID-19-induced slump.

The finance ministry’s 2022 draft budget, which it presented to Congress earlier in the day, laid out a profit sharing rate (DUC) – effectively a tax paid to the government – of 40% for the oil giant known locally as Pemex.

The DUC, the largest payment the firm makes to state coffers, has been gradually reduced from 65% in 2019, to 58% in 2020 and 54% in 2021.

Leftist oil nationalist President Andres Manuel Lopez Obrador has staked his reputation on reviving Pemex, which has been a powerful symbol of Mexican self-reliance since its creation in 1938.

Mexico in 2020 suffered its steepest recession in almost 90 years as the pandemic hit across all sectors of the economy, with gross domestic product (GDP) shrinking by some 8.5%.

The government this year expects to make up most, but not all of the ground lost, as export activity and the spillover effects of massive economic stimulus spending in the United States, Mexico’s top trade partner, help to drive a recovery.

Presenting the new budget to Congress, Finance Minister Rogelio Ramirez de la O said the plan would focus on the well-being of Mexicans, financial stability and support for regional development, reiterating that no new taxes would be created.

The budget’s forecast “growth rate of 4.1% for 2022 seems very optimistic. Tax authorities will improve tax take but it won’t be enough,” said Raul Gonzalez, a former finance ministry official, who now teaches economics at the Tec de Monterrey University.

The peso was little moved after the initial presentation, trading broadly flat against the dollar.

(Reporting by Anthony Esposito and Stefanie Eschenbacher; Additional reporting by Ana Isabel Martinez; Editing by Dave Graham and Sandra Maler)

Source Link Mexico cuts Pemex’s tax burden, forecasts 4.1% growth for 2022

David Barret
David Barret

Related posts:

  1. Afghanistan could be catalyst for common EU migration policy -commissioner
  2. Tennis-Bencic serves up masterclass to reach U.S. Open fourth round
  3. Montenegro police fire teargas at protesters incensed over cleric’s enthronement
  4. Filibuster imperils Pelosi’s abortion bill in U.S. Senate – Klobuchar

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • “Nobody Expected This”: Earth’s Rotation Will Speed Up Tomorrow, Bucking The Downward Trend
  • Chimps Are Sticking Grass In Their Ears And Rears As They Embrace “Pointless” Fad
  • Hui Te Rangiora: Old Māori Legend Suggests They May Have Discovered Antarctica 1,000 Years Before Europeans
  • “Potential Impact On Saturn”: Astronomers Appeal For Help As Video Appears To Show Object Hitting The Gas Giant
  • What Is Prosopometamorphopsia? The “Exceedingly Rare” Condition That Made A Patient See Faces As Dragons
  • Are We In An Enormous Void? It Could Explain What’s Wrong With Our Model Of The Universe
  • Woylies Boing Back Into Western Australia Thanks To Groundbreaking Wildlife Project
  • North America’s Oldest Pterosaur And Turtle Fossils Found In Arizona’s Petrified Forest
  • Proposed “Dark Dwarfs” Near The Galactic Center Could Reveal The Nature Of Dark Matter
  • Watch: 18-Kilometer-High Ash Cloud Looms Over Indonesia’s Mount Lewotobi Laki Laki After “Explosive” Eruption
  • “ShipGoo001”: Mystery Of Entirely New Lifeform Discovered Coating A Great Lakes Ship
  • Rare White Humpback Whale Calf Filmed By Drone Off Australia’s East Coast
  • Who Was Buried At Cave Of Salome: A Female Disciple, Jesus’ Midwife, Or A Princess?
  • “Hidden” Changes To US Health Data Swapping “Gender” For “Sex” Spark Fears For Public Trust
  • Easter Island Was Never As Isolated As We Thought – Study Puts That “Strange Argument” To Bed
  • If Birds Are Dinosaurs, Why Are None As Big As T. Rexes?
  • Psychologists Demonstrate Illusion That Could Be Screwing Up Our Perception Of Time
  • Why Are So Many Enormous Roman Shoes Being Discovered At Hadrian’s Wall?
  • Scientists Think They’ve Pinpointed Structural Differences In Psychopaths’ Brains
  • We’ve Found Our Third-Ever Interstellar Visitor, Orcas Filmed Kissing (With Tongues) In The Wild, And Much More This Week
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version