Tax revenues stagnated in November: SHCP

The Ministry of Finance and Public Credit (SHCP) reported that tax revenues totaled 3.4 trillion pesos between January and November of this year, which meant an annual stagnation in real terms.

The SHCP explained that although the tax collection remained constant, in real terms, with respect to the amount registered in the period January-November 2021, the amount was below what was foreseen in the program by 118,515 million pesos as a result of the application of the fiscal stimulus on the Special Tax on Production and Services (IEPS).

The data of the SHCP reveal that the collection of tax revenue stopped presenting annual falls for the first time since January-July when it registered an annual increase of 1 percent.

“In the accumulated from January to November, the cost of the fuel stimulus via the IEPS, which has contributed to stabilizing the level of inflation in our country and protected the purchasing power of the population, has been fully offset thanks to the performance of the oil and non-oil income of the federal government”, reported the Ministry of Finance in charge of Rogelio Ramírez de la O.

The IEPS collection registered 93,617 million pesos between January and November, which showed an annual fall of 76.6% in real terms. Regarding only the IEPS to fuels, it presented a negative collection of 86,585 million pesos in the 11 months of the year.

However, the IEPS collected from other concepts, such as raffles, bets, cigarettes, telecommunications, among others, left revenues of 180,203 million pesos, 3.2% more than the same period last year.

Increases in ISR

The non-variation in tax collection occurred despite the good performance of the Income Tax (ISR), which left revenues of more than 2 trillion pesos, which represented a growth of 14% in annual comparison.

In the case of Value Added Tax (IVA), a tax that is related to consumption, the collection collected was more than 1.1 trillion pesos, 0.9% more than a year ago, while the tax on imports left 85,877.5 million pesos, 17.3% more in annual comparison .

Oil revenues increased 32.4% annually

According to data from the SHCP, the oil revenue they accounted for more than 1.2 trillion pesos in the referred period, which meant an annual increase of 32.4% in real terms. In addition to the fact that the income that comes from oil recorded 280,228 million pesos as a surplus amount.

The foregoing, detailed the Treasury, was driven by a higher average price of the Mexican mix of 35.4 dollars per barrel compared to what was programmed.

Meanwhile, the non-tax income registered 326,774 million pesos, an amount higher than what was programmed by 114,920 million pesos, mainly driven by the payment of rights.

The total of the budget revenue they totaled just over 5.9 trillion pesos, which represented a growth of 4.9% compared to January-November 2021.

santiago.renteria@eleconomista.mx

kg