President Andes Manuel López Obrador has announced his government will put an end to tax breaks for Mexico’s largest companies.
The president revealed that in the last 12 years many companies have benefited from tax privileges totaling more than $US20 billion.
López Obrador referred to the practice of giving tax breaks to corporations as “white collar fuel theft,” comparing it with organized crime stealing gasoline from pipelines.
According to Reuters, Citibanamex (a division of U.S. bankers Citigroup) was granted a tax write-off of around 53 million pesos last year, while the Mexican bank Banorte got a tax break of some 30 million pesos.