The total revenue of the budgetary public sector grew 5.1% in the January-November period, to add 5.2 trillion pesos.
The figure is 204,687 million pesos more than that programmed for the period, revealed the Ministry of Finance and Public Credit (SHCP).
“One month after the end of the year, public sector revenues are above the programmed 204,700 million pesos, mainly due to the strength of non-oil revenues thanks to the consolidation of the economic recovery and the fight against tax evasion. ”, The SHCP detailed in its Public Finance Report.
The Value Added Tax (VAT) obtained a collection of 1.02 trillion pesos (bdp) in the period. This represented an annual increase of 9.5% and 124,700 million pesos more than programmed.
The SHCP explains that “tax collection is resilient, with an annual increase of 0.6% in real terms”, which stood at 3.2 trillion pesos, as of the eleventh month of 2021.
“VAT was one of the taxes that was most affected in 2020, which is why we are experiencing positive variations,” said Janneth Quiroz, deputy director of economic analysis at Monex.
In an interview, he added that the economic recovery has been gradual due to fears that the pandemic will spill over again due to the Omicron variant. Then, the uncertainty affects consumer confidence in limiting themselves to buying durable goods, which are the ones that leave the highest VAT collection to the treasury.
The collection of the Special Tax on Production and Services (IEPS) and the Income Tax (ISR) contributed 370,145 million pesos and 1.6 bdp to the treasury, respectively.
The ISR had an annual fall of 0.2%, while in its monthly measurement it showed an increase of 3.2 percent. While the IEPS contracted 16.5% annually and at a monthly rate an increase of 2.8 percent was registered. Finally, the VAT fell 1.7% in monthly comparison, revealed the secretariat.
The decrease in the annual rate of the IEPS is explained by the fiscal stimuli that the federal government has allocated to maintain fuel prices.
According to the Collection Waivers document, prepared by the SHCP, it was scheduled for 2021 to grant 76,019 million pesos for the IEPS fiscal stimulus that is applied to gasoline.
However, from January to November, according to preliminary data from the Tax Administration Service (SAT), 79,401 million pesos of fiscal stimulus have been granted, that is, 4.4% more than what was contemplated for the entire year.
Despite the fact that “El Buen Fin” was carried out in November, a program designed to promote the consumption of goods, which lasted seven days and left more than 192,000 million pesos, according to the Ministry of Economy, only in November, observed a collection of 81,321 million pesos in VAT. It represented a fall of 9% per year.
The tax on imports was also higher than expected by the Treasury. 7,858 million pesos were collected, as of November 30. This is an increase in the estimated 11,185 million pesos and 21.2% per year.
Oil revenues, exceed expectations
Oil revenues also exceeded the amount estimated by the Treasury at 46,731 million pesos. In this area, the amount obtained by the government was 898,657 million pesos. This represented a real annual increase of 71.5%, at the end of November.
“This growth is due to the increase in the price of oil and that has really surprised (…) this increase in the price was much more accelerated than previously thought,” said Quiroz.
The interviewee recalled that there is currently a greater demand due to a limited supply. In addition to the fact that the member countries of OPEC + have maintained a gradual increase in oil production.
“Already with data at the end of the year, the international price of WTI had grown 58% compared to the levels at the end of 2020,” said the analyst.
The Mexican mix closed the day yesterday at 71.04 dollars per barrel. Likewise, the Treasury revealed that oil production in the 11 months of the year fell 6.4%, compared to the same period in 2020.
Reference-www.eleconomista.com.mx