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  • Mexican President Andres Manuel Lopez Obrador gestures during a press conference.

    Mexican President Andres Manuel Lopez Obrador gestures during a press conference. | Photo: Reuters

Published 20 May 2019

"This mechanism has been abused and it will be eliminated," Lopez Obrador said.

Mexican President Andres Manuel Lopez Obrador said Monday his government will order an end to tax forgiveness for the country's largest companies, saying US$20 billion in exemptions given by his predecessor was akin to theft by gangsters.

The country's tax chief said 10 companies on the benchmark S&P/BMV IPC had benefited from tax breaks of more than 400 billion pesos.

"It's like white collar fuel theft," Lopez Obrador said, referring to the widespread stealing of gasoline from pipelines by organized crime that his government has tried to crack down on.

"This mechanism has been abused and it will be eliminated," Lopez Obrador said.

The stock index was down by about 0.4 percent on Monday, in line with losses on exchanges around the world related to the U.S.-China trade war.

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