Word: pemex
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Dates: during 2000-2009
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...deliver on. Although more politically adroit, Calderón inherits a far more acrimonious political environment, in which López Obrador still insists he is the legitimate President. This surely will complicate Calderón's dealings with the public-sector unions and with sensitive symbols like the national oil company, Pemex, which desperately needs foreign investment, now outlawed. "Mexico needs to think outside the sovereignty box," says Raul Rodriguez, former CEO of the North American Development Bank, but Mexico's nationalization of Rockefeller's Standard Oil company holdings in 1938 is still commemorated every March 18 as National Expropriation...
...Pemex is now the government's cash cow, providing about 30% of federal revenues, a dependence that has torpedoed fiscal reform. Nonoil tax collection, as a percentage of GDP, is about 10%--about the same as in Haiti. Lopez Obrador's economic team calculated that an additional 2% to 3 % of GDP could be recouped with more rigorous tax collection, which would mean cracking down on rampant tax evasion--roughly at 50%--and the widespread abuse of legal but economically unjustified tax exemptions. "All businesses should pay tax without exemptions," says José Luis Barraza, president of the Consejo Coordinador Empresarial...