The Oil of Welfare Law advances in Senate Commissions

With the vote of Morena and Allies, he advanced yesterday in commissions of the Senate the last of the secondary laws of the energy reform, which modifies the Hydrocarbons Revenue Law, to simplify the tax burden on the exploration and extraction of oil and gas.

The opinion is decisive for the finances of Petróleos Mexicanos (Pemex,) since it replaces three taxes with only one, the oil right for well -being, which is a rate that prioritizes the financial viability of the public company and simplifies its fiscal scheme, emphasized the brunette Laura Itzel Castillo, president of the Energy Commission.

The minute opinion sent by the Chamber of Deputies was endorsed by 27 votes in favor and eight against and turned to the Senate’s Board of Directors, where it will vote in the next few days.

The modification establishes a unique adjustable right that sets 30 percent rates to oil and 11.6 percent for gas. In turn, it eliminates from the law the rights of shared utility, of hydrocarbons extraction and hydrocarbon exploration.

By baseing the opinion, Senator Castillo stressed that from the privatizing energy reform of Peña Nieto, in 2013, The tax burden for Mexican Petróleos was immense; He was also indiscriminately indebted in the dark era of neoliberalism. This reform allowed the transfer of strategic resources to national and foreign private interests.

With this modification, he added, Reinvestment is prioritized so that each weight that Pemex generates must be used to strengthen its infrastructure, increase exploration and maintain crude oil and gas production.

For his part, the Senator of the PVEM Waldo Fernández agreed that the reform contributes to the rescue of energy sovereignty for the benefit of the country and stressed that the creation of the oil law for well -being will guarantee that all income derived from the extraction of hydrocarbons is used for the benefit of citizenship.

On the other hand, the PRI Cristina Ruiz Sandoval said that the modification has no financial support, and Although they want to put welfare, only corruption is perceived, because they have only looted Pemex to favor the families of power.