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Femsa Joins Walmex in Big Tax Payments to Mexico This Week

May 29, 2020, 9:44 PM

Fomento Economico Mexicano SAB has joined Walmart de Mexico SAB in paying up billions of pesos in back taxes this week in a win for President Andres Manuel Lopez Obrador’s administration, which has been trying to lift government revenue in a bid to cover spending.

Femsa, as the company is known, agreed to “finalize differences in interpretation” over taxes paid abroad to avoid going to court, it said in a statement Friday. As a result, it will pay 8.8 billion pesos, about $396 million, that will be reflected in the company’s second quarter results.

Femsa’s payment joins Walmex’s, which...

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