Senators generally approve the 2023 Federation Income Law

The plenary session of the Chamber of Senators generally approved the 2023 Federation Income Law (LIF) with 64 votes in favor, 44 against and 2 abstentions. In this sense, opposition senators will submit reservations to the law to try to modify the LIF.

The LIF 2023 foresees that the federal government obtains total revenues of 8 billion 299,647 million pesos. Of which, 55.7% will be income obtained through the payment of taxes by taxpayers.

Tax revenues are estimated at 4 billion 623,583 million pesos, according to the Ministry of Finance and Public Credit (SHCP).

This is the largest amount that has been proposed for said law and 9.9% higher in real terms than the 3.9 billion pesos approved by legislators for this year.

The collection estimate is given with a projection of an economic growth of 3.0% for 2023 and with an inflation of 3.2% at an annual rate. The government data contrasts with market expectations that place the Gross Domestic Product close to 2% and with forecasts that inflation will continue above the Bank of Mexico’s target range of 3% +/- 1 percentage point in 2023.

Juan Fócil, senator of the PRD, commented that it is difficult to obtain the 8.2 billion pesos estimated in the LIF 2023 as a consequence of the fact that it is “impossible” to grow at 3.0% economically for the following year. Likewise, he questioned the production and sale of oil, added to an erroneous fiscal policy by the current administration.

Julen Rementería, from the PAN caucus, said in his speech that the federal government is spending more than it earns, which is why he warned of public indebtedness in this federal administration.

In the LIF 2023, an internal indebtedness ceiling of 1 trillion 170,000 million pesos was requested, while for external indebtedness the request is 5,500 million dollars.

santiago.renteria@eleconomista.mx