BBVA pays $3.2 billion in taxes to Mexico

BBVA Bancomer

reached an agreement with Mexico’s Tax Administration Services (SAT) in which it will pay MXN $3.2 billion and has also decided to conclude the procedures it had started in connection to several issues regarding income tax payment.

“The paid resources refer to complementary sums to the corresponding liabilities and the 2006 and 2008 fiscal years as well as from 2012 to 2015,” BBVA said in a brief statement.

According to BBVA, this agreement will end the criteria differences in tax income matters and streamlines the SAT’s tax collection in times in which the country needs tax revenues due to the tough economic situation it is experiencing.

Big companies like Walmart, IBM, Grupo Modelo, and Femsa have also regularized their pending debts with the SAT. Walmart announced last May the payment of MXN $8.079 billion to conclude tax matters regarding the sale of Vips to Alsea.

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Likewise, Femsa announced on March it had paid the Mexican government MXN $8.790 billion in connection to its pending tax liabilities .

For its part, IBM paid MXN $669 million in back taxes to Mexico .

Last August 29, Grupo Modelo reported it paid MXN $2 billion to “end the differences in income tax matters.”

Moreover, last February, América Móvil, owned by Carlos Slim, paid MXN $8.290 billion pending from the 2016 and 2019 fiscal years. Meanwhile, mining company Fresnillo also paid MXN $4.612 billion to the SAT.

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