Manufacturers contribute 18% of taxes

Manufacturing industries contributed 18% of the more than 2 trillion in tax revenue, at the end of June. The collection of this sector was 375,408 million pesos, an annual increase of 31.9%, according to the Tax and Management Report for the second quarter, prepared by the Tax Administration Service (SAT).

SAT data corroborate that the contribution of manufacturing industries grew 3 percentage points compared to the first half of 2021.

The SAT explained that the economic recovery has favored several of the main economic sectors, where manufacturing, wholesale and retail trade stand out, as they show growth compared to the same period of the previous year.

Income Tax (ISR) collection from manufacturers was 279,437 million pesos between January and June, an annual increase of 40.5% in real terms.

In this sense, the ISR charged to the profit of the sector was 167,531 million pesos as of June, a real increase of 46% compared to the same period last year.

Thus, the net collection, which discounts returns, compensations and regularizations, of the Value Added Tax (VAT) in the manufacturing industry was 74,945 million pesos to legal entities, a real increase of 0.25 percent.

Meanwhile, VAT collection from individuals in the manufacturing sector was 879 million pesos, an increase of 22.9% compared to the same period in 2021.

Export growth

The Merchandise Trade Balance, from the National Institute of Statistics and Geography (Inegi), detailed that total exports increased 18.8% between January and June. Meanwhile, manufacturing exports grew by more than 17.3 percent.

Exports of manufactured products reached a value of 44,796 million dollars.

Given this, Janneth Quiroz, deputy director of economic analysis at Monex, explained that the economic expansion of the manufacturing sector is largely due to total exports.

“There is not much to doubt that a large part of the recovery is due to the recovery and economic expansion that we saw in the United States, hence this higher collection is given on the one hand in the manufacturing industries and secondly in the retail trade. older,” he said.

santiago.renteria@eleconomista.mx