Mexico's lower house moved to cut a profit sharing rate owed by state-owned oil giant Pemex to 30%, from its current 40%, as part of a sweeping 2024 tax bill...
FILE PHOTO: The logo of Petroleos Mexicanos is pictured at the company's headquarters in Mexico City
Pemex's profit sharing rate , which is effectively a tax paid to the government, has been gradually lowered during President Andres Manuel Lopez Obrador's administration from a high of 65%. Pemex is the most heavily indebted oil company in the world, facing some $110.5 billion in debt and hefty amortizations in 2024. Lopez Obrador said last week that he wanted to further reduce Pemex's tax burden.
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