NEW MEXICAN TAXES TO TRANSFORM PEMEX CAPITAL SPENDING STRATEGY

01/17/1994
Mexico's government this year will introduce petroleum tax reforms that will transform how its state owned petroleum company approaches capital spending. Effective Jan. 1, 1994, the Mexican government began to implement a revamped tax regime designed to accompany the breakup of Petroleos Mexicanos into four new operating subsidiaries. Each of the four new companies Pemex Exploration & Production, Pemex Refining, Pemex Natural Gas & Basic Petrochemicals, and Pemex Secondary Petrochemicals will be responsible for paying a new income tax. Levies on E&P will be tied to a ringfence mechanism tailored after the scheme employed by the U...
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