The government of Mexico fell short of its goal of public revenue during the first month of 2023, despite the country’s economic recovery.
According to the Secretariat of Finance and Public Credit (SHCP), at the end of January public income reached 623 thousand 37.2 million pesos, this means that they were 35 thousand 497.7 million less than estimated.
According to the agency, the drop in income is mainly explained by a lower oil revenue collectionwhich amounted to 83 thousand 201.4 million pesosalthough the government expected a bag of 132 thousand 813.6 million pesos.
These resources come from Petróleos Mexicanos (Pemex) own income, transfers from the Mexican Petroleum Fund (FMP), as well as Income Tax (ISR) from contractors and assignees for hydrocarbon exploitation.
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In this sense, the FMP was the one that had the largest drop in income compared to what was programmed, with a total of 48 thousand 468 million pesos less, according to the SHCP.
Likewise, it was reported that non-oil revenues, which include the collection of taxes and from organizations such as the IMSS or ISSSTE, were the ones that had the greatest dynamism at the start of the year, with a total of 539 thousand 835 million pesos, higher amount in 14 thousand 114 million pesos with respect to the estimate.
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In detail, tax revenues represented 80 percent of all these resources, mainly due to a greater collection of ISR, a tax associated with employment, which was 253 thousand 12 million pesos, 16.8 billion pesos more than what was programmed. .
For its part, the collection of Value Added Tax (VAT), which is associated with consumption by the population, left a bag of 123 thousand 342 million pesosthis means 21 thousand 663 million less than projected by the dependency.
“Tax revenues grew above the average of the last five years. Inside, the ISR stands out as the largest contributor to the collection of January. In addition, the IEPS for fuels was in positive territory for the third consecutive month”, mentioned the SHCP when presenting its report on finances and public debt, corresponding to January 2023.
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