New tax regime for PEMEX – proposed by government

The government indicated that a new tax regime proposal for Petroleos Mexicanos (PEMEX) will be submitted for approval to the Chamber of Deputies as part of the Tax Reform Bill which will be presented on 8 September 2013.

The details, inter alia, are as follows:

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the 71.5% ordinary hydrocarbon tax would be replaced by a royalty payment. The royalty rate has not yet been decided;