When the price of gasoline rises worldwide, the government provides a fiscal stimulus by stopping or reducing the IEPS fee, which cushions the impact of the increases. When the price of gasoline falls or is maintained, the Ministry of Finance has a margin to reduce the stimulus and collect IEPS.
Since the end of last July, the agency in charge of Rogelio Ramírez de la O began to reduce incentives for Premium and Magna gasolines in view of the fact that their reference prices began to fall worldwide. While diesel, the most expensive fuel, has maintained its fiscal stimuli.
Total collection grows
In January 2023, total revenues grew 6.3% real per year, thanks to the dynamism of oil and tax revenues, which registered real annual growths of 11.2 and 5.5%, respectively.
Tax revenues grew above the average of the last five years. In the interior, the ISR stands out as the largest contributor to the collection of January with 58.5% of the total collection in January, standing at 16,800 million pesos above forecast and exhibiting an annual increase of 9.8% in real terms.
This growth rate exceeds the average of the last five years, which is 3.5%.
Meanwhile, VAT collection, which contributed almost a third of total collection, showed a real growth of 1.8% in January 2023 compared to the same month of the previous year.
Non-tax revenues amounted to 28,400 million pesos, an amount 8.2% higher in real terms than the level observed in January 2022. This performance is explained by higher rights and uses, reported the SHCP.
