French Insurance Company AXA Initiates ICSID Arbitration Against Mexico Over Tax Dispute

Executive summary: AXA S.A. filed an ICSID arbitration case against Mexico, citing violations of the France-Mexico Investment Agreement due to a 2019 ruling by the Mexican Tax Administration Service (SAT) that prohibited VAT crediting on claims-related expenses and demanded retroactive reimbursements from 2015. AXA argues this policy undermines its