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LatinNews Daily - 22 February 2021

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In brief: Mexico’s López Obrador announces tax relief for Pemex

* President Andrés Manuel López Obrador has issued a presidential decree stipulating new tax breaks for Mexico’s state-owned oil company, Pemex. Among other things these include a reduction in Pemex’s profit-sharing duty (DUC) which was already reduced last year to 58% from 65%, to 54%. The decree states that the measures are necessary due to the negative impact of the coronavirus (Covid-19) pandemic on global oil demand and are in line with the country’s 2019-2024 national development plan which calls for the “rescue” of Pemex and state-owned electricity firm, Comisión Federal de Electricidad (CFE), as strategic priorities.