Mexican conglomerate Femsa, owner of OXXO convenience stores, said on Friday it will pay $398 million in taxes after reaching an agreement with authorities. Recently, a similar sum was collected by the country’s government from retailer Walmart de Mexico.
President Andres Manuel Lopez Obrador is trying to boost tax collection in the country with the lowest take in the 37-nation Organization for Economic Co-operation and Development (OECD), according to Reuters.
Femsa said in a public filing the deal to pay 8.8 billion pesos would “resolve interpretative differences over taxes paid outside of Mexico, without judicial action.”
Although Mexico is Femsa’s core market, the retailer and Coca-Cola bottler also has operations in other parts of Latin America and has recently invested in U.S. businesses.