Oil revenues increased 35.1% due to high crude oil prices: SHCP

Oil revenues showed a collection of 69,568 million pesos in January. This represented a real annual increase of 35.1% due to the increase in the price of oil, as well as higher production, revealed the Secretariat of Finance and Public Credit (SHCP).

However, oil revenues were 42,436 million pesos below schedule, due to lower domestic sales and lower crude oil production compared to forecasts for the month.

On Tuesday night, the Mexican mix closed the day at 97.57 dollars per barrel, this was caused by military tensions between Russia and Ukraine.

While the income of the budgetary public sector grew 3.1% in January, to add 543,470 million pesos. Although the figure is 49,688 million pesos less than what was programmed for the period, revealed the SHCP.

“The foregoing due to the recovery of oil revenues and the solid evolution of tax collection”, detailed the SHCP in its Public Finance Report.

Tax and non-tax income

Tax revenues left the treasury 379,838.7 million pesos, this was a “similar figure in real terms” compared to what was observed in the first month of last year.

The Income tax (ISR) had an annual increase of 10.6% because in January the amount observed was 213,533 million pesos.

The Value Added Tax (VAT) obtained a collection of 112,236 million pesos in the first month of the year. This represented an annual drop of 9.2 percent.

The collection of Special tax on production and services (IEPS) contributed 41,459 million pesos to the treasury. This is a drop of 23.9 percent.

The Ministry of Finance also reported that non-tax revenues were 24,280 million pesos, a figure 6 thousand 74.4 million pesos higher than expected in the program and 15.9% lower compared to January last year.

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