Senate Commissions approve the Federal Income Law 2023; turns to plenary

Amid criticism for the optimism of the projections, as well as for the lack of modifications regarding the proposal of the Federal Executive, the commissions of the Senate of the Republic approved the Federal Income Law (LIF) 2023.

With 19 votes in favor, nine against and zero abstentions, the United Commissions of Finance and Public Credit, and of Legislative Studies, Second, approved the minutes they received from the Chamber of Deputies, with which it is expected to be brought up for discussion in the plenary session of the Senate on Tuesday, October 25.

The vote was given after the work meeting with Gabriel YorioUndersecretary of Finance, where he was questioned by legislators about the estimates of the macroeconomic framework, the gasoline incentives, as well as the debt ceiling and debt level.

The LIF 2023 contemplates income of 8.29 billion pesos, resources that will be obtained mainly from the payment of taxes by taxpayers, even without a tax reform or a Miscellaneous Tax. Of this amount, 4.6 billion pesos will be obtained from tax collection.

The foregoing is given with a projection of economic growth for the following year of 3.0%, where they expect inflation to slow down to 3.2%, data that contrasts with market expectations that place GDP around 2%, while the forecasts of several institutions indicate that inflation will continue above the target range of the Bank of Mexico of 3% +/- 1 percentage point next year.

Likewise, an internal debt ceiling of 1 trillion 170,000 million pesos was requested, while for external indebtedness the requested amount is 5,500 million dollars.

The Senate of the Republic has a deadline of October 31 to approve the LIF 2023 and be turned over to the Executive.

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