Grupo Salinas Ends Tax Dispute With MX$32 Billion Payment

The Mexican federal government and Grupo Salinas reached a definitive agreement on Thursday, Jan. 29, to resolve a long-running tax dispute. Under the settlement, the conglomerate controlled by Ricardo Salinas Pliego will pay MX$32.3 billion (US$1.87 billion) to the federal treasury, bringing to an end more than a decade of administrative and judicial litigation.

Mexico’s Tax Administration Service (SAT) said MX$10.4 billion was deposited into the Treasury of the Federation immediately upon execution of the agreement. The remaining balance will be paid in 18 installments under a structured payment schedule.

Origins of the Dispute

The legal conflict dates back to 2013, when the SAT issued a series of administrative resolutions determining significant income tax (ISR) underpayments by Grupo Salinas for fiscal years 2008 through 2013.

The settlement follows a key ruling by the Supreme Court of Justice of the Nation (SCJN). In a unanimous decision, the Court’s plenary session dismissed seven appeals filed by Elektra and TV Azteca, the group’s flagship subsidiaries, which sought to overturn lower-court rulings ordering the payment of tax credits.

One of the cases, overseen by Justice Yasmín Esquivel Mossa, involved Elektra’s challenge to a MX$1.4 billion tax credit related to 2008. The Court also revoked its prior admission of an appeal involving MX$33.3 billion, deeming it “notoriously improper.” The SCJN concluded that the appeals failed to meet the constitutional threshold of exceptional interest required for Supreme Court review.

In a statement, Grupo Salinas said the payment fully satisfies all obligations claimed by fiscal authorities during the litigation. Luciano Pascoe Rippey, the group’s director general of news and communications, said the company has now settled all outstanding government requirements.

The conglomerate added that it has paid more than MX$300 billion in taxes over the years, but expressed “profound disagreement” with the final determination. It characterized the legal process as a systematic campaign against the company and said it chose to settle in order to “turn the page” and eliminate prolonged legal uncertainty affecting its operations.

Market Volatility and Strategy Outlook

The agreement comes after a period of heightened market turbulence for the group’s retail unit. In December 2024, Grupo Elektra resumed trading on the Mexican Stock Exchange (BMV) following a four-month suspension. Upon its return, the stock plunged roughly 71%, falling from MX$944.95 to MX$285 per share.

The National Banking and Securities Commission (CNBV) authorized the resumption of trading, a decision the company criticized as having caused “irreparable damage” due to abnormal price movements. In the wake of those events, Grupo Salinas said it is evaluating a potential delisting from the BMV as part of a transition to a privately held structure.