LatinNews Daily - 14 November 2024

*Mexico’s President Claudia Sheinbaum has announced a new tax regime for state-oil company Pemex, as well as implementing an austerity plan to achieve savings of M$50bn (US$2.42bn). Sheinbaum said the government would consolidate the number of taxes that Pemex pays to the government, merging three existing duties (the exploration duty, hydrocarbon extraction duty, and shared-profit duty) into one known as the ‘oil wellbeing duty’. The new duty will be set at a general rate of 30% and a lower rate of 11.63% for non-associated gas, gas that does not come to the surface as a byproduct of oil production but is considered the principal resource, in 2025. She explained that this new tax regime will be included in the 2025 budget and will be strengthened with the secondary laws of the constitutional reform in energy matters that will be presented in February of next year, which will also include the ‘Republican Austerity Plan for Pemex’, the world’s most indebted oil company. Sheinbaum stressed that this plan would not affect those who work for Pemex in any way.