The fiscal stimulus that have been granted to gasoline, and that have remained at 100% in several weeks, took their toll on the collection obtained by the Special Tax on Production and Services (IEPS) to this fuel, according to data from the Secretary of Finance and Public Credit (SHCP).
In the first quarter of the year, the IEPS on gasoline left 20,783 million pesos, which meant a drop of 70.7% compared to last year.
“In order to avoid an inflationary rebound due to the international increase in fuel prices, the Federal Government granted fiscal stimuli to the IEPS tax on fuels during the quarter, which generated a reduction in collection of 43,462.2 million pesos with respect to expected in the period”, highlighted the agency in its quarterly report.
In a videoconference, Gabriel Yorio, Undersecretary of the Treasury, recalled that given the positive flows that have been oil revenuethe government made the decision that in addition to the fiscal stimulus to the IEPS for gasoline, a complementary one would be implemented that would be activated at the beginning of March, before the high oil price.
According to Yorio, these stimuli will have a neutral impact on the country’s public finances, and will not cause cuts in public spending.
Practically all of the additional positive flow of oil revenues that is being captured is being transferred to the economy,” he said.
In it first quarter of 2022 there was an increase in the international price of oil due to the economic recovery and the tensions in Eastern Europe.
Therefore, 289,253 million pesos were obtained in the first three months of the year from oil revenues, 31.7% more than in the same period of the previous year. Likewise, it was 3,382 million pesos higher than scheduled, according to the Treasury.
Meanwhile, the tax revenue They added a little more than 1.19 billion pesos in the period, 1.9% more than last year, but 2,721 million pesos less than what was programmed.
In total, budget revenues were just over 1.7 billion pesos in the first quarter of the year, 2.2% more than a year ago.