Mexico Tycoon’s Tax Case in Top Court, With $2 Billion at Stake

mexico tycoons tax case in top court with 2 billion at stake

Sumary of Mexico Tycoon’s Tax Case in Top Court, With $2 Billion at Stake:

  • Justice Jose Franco is taking up the dispute between Salinas’s flagship Grupo Elektra SAB and the government over 2.6 billion pesos ($130 million) in income tax payments from 2006, according to documents on the court’s website.
  • While the tax case is only one of eight against Elektra, the Supreme Court’s decision could impact all of the other claims, which are worth almost $2 billion combined, according to Mexico’s tax chief Raquel Buenrostro.
  • Those cases are based on the same “aggressive” interpretation of rules for the consolidation of taxes in business groups, Buenrostro said in a July 17 interview.
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  • Article content “The eight cases use the same tax evasion scheme,” she said.
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  • Article content President Andres Manuel Lopez Obrador has been cracking down on tax evasion, allowing him to shore up government income even during the economic collapse of the coronavirus pandemic.
  • Salinas has been a member of the president’s group of business advisers, but that hasn’t stopped the government from going after another member, Miguel Aleman Magnani, who was charged with tax fraud earlier this month.

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