Through oil revenues, the public treasury captured 686,921 million pesos from January to September of this year, which represented an increase of 64.6% compared to the same period last year; however, these revenues continued below schedule, according to the Ministry of Finance and Public Credit (SHCP).
“The performance compared to the previous year is mainly due to the increase in the price of crude oil and natural gas, as well as higher contributions from the Federal Government to Pemex,” explained the agency.
Likewise, the Public Finance and Public Debt Report for the third quarter of the year shows that oil revenues were lower by 323 million pesos compared to what was programmed for the first nine months of this year.
Despite the fact that the price has recovered in recent months, the Ministry of Finance explained that the lower income than expected is explained by a lower production platform, lower internal sales, as well as a higher purchase of fuel for resale.
“The fact that we are below 323 million pesos is practically going in line with the program. If we compare those 323 million with the program, this figure represents 0.04% ”, said Francisco Arias, head of the Tax Policy and Control Unit of the SHCP, in a videoconference.
In this sense, Gabriel Yorio, Undersecretary of Finance, explained that although the price of oil has recovered, it is a very volatile economic variable, which is subject to decisions that are not taken properly in the country.
Oil revenues are going to be related to movements in oil prices, as well as local and international production, and these kinds of decisions are made in OPEC, “he added.
With the exceptional growth of oil revenues, the budgetary income of the public sector grew 5.6% annually from January to September of this year, amounting to 4.3 trillion pesos. If only the month of September is taken into account, the annual growth rate was 6.5 percent.
They disbursed 50,567 in stimulus to the IEPS
Given the increase in oil prices, which in turn affects gasoline prices, the Ministry of Finance activated since last February the fiscal stimulus to the Special Tax on Production and Services (IEPS), this to maintain the price of fuel and try not to affect the pockets of consumers.
The agency detailed that, from January to September, the amount of the fiscal stimulus has been 50.567 million pesos, which exceeds the projection that the Treasury had initially raised of 41.947 million pesos for all of 2021.
The fiscal stimulus, in turn, has caused the public treasury to obtain fewer resources from the IEPS to gasoline. Between January and September, 185,416 million pesos were obtained, which was 21% higher than the same period last year.
Meanwhile, the IEPS that is charged for other items – such as tobacco, beer, games and raffles, among others – left 131,397 million pesos, 3.9% more than in the same period of 2020.
VAT, the best performance since 2014
Within the income obtained from the payment of taxes by taxpayers, which left just over 2.7 trillion pesos in the third quarter, 2.5% more than last year, the tax that had the best performance was the Value Tax Aggregate (VAT), related to consumption.
In total, the VAT left resources for 860,273 million pesos, 13.5% more than from January to September 2020. In addition, it is the largest increase for the period since 2014, when the collection for this tax grew 16.9 percent.
Meanwhile, in the period, income from Income Tax (ISR) totaled 1.4 billion pesos, just 0.2% more than last year, while import taxes were 52.49 billion pesos, 16.4% more annually. .
On the other hand, non-tax income fell 21.5%, leaving the treasury 307,226 million pesos; However, the amount collected was higher than that programmed in 156.935 million pesos for the first nine months of the year.
“Of this item, 74,520 million pesos were related to rights, 5,010 million of products and 227,667 million of uses. The higher collection reflects the improvement in economic activity with an increase due to the concepts of immigration services, passports and mining rights ”, explained Karina Ramírez, head of the Non-Tax Income Unit of the Treasury.
Reference-www.eleconomista.com.mx