Femsa Joins Walmex in Big Tax Payments to Mexico This Week

Fomento Economico Mexicano SAB has joined Walmart de Mexico SAB in paying up billions of pesos in back taxes this week in a win for President Andres Manuel Lopez Obrador’s administration, which has been trying to lift government revenue in a bid to cover spending.

Femsa, as the company is known, agreed to “finalize differences in interpretation” over taxes paid abroad to avoid going to court, it said in a statement Friday. As a result, it will pay 8.8 billion pesos, about $396 million, that will be reflected in the company’s second quarter results.

Femsa’s payment joins Walmex’s, which ...