Thus, the total amount of the budget revenue registered a negative balance of 3.8% real annual. While the increase in tax collection was encouraged by growing 23.2% in October 2023 just 6.1% in October 2024.
The 59% drop in oil revenues reported in the month of October is the most pronounced after the 51.1% drop in that same month of 2020.
More for taxes
Sheinbaum’s administration started with a share of 89% of tax revenues to the total money that reaches the public sector, the second highest in the same month in 2020. But the lowest contribution of oil revenues with 5.8%, after a contribution of 6% in 2020.
In its October report, the Treasury attributes the growth in tax revenue to collection efficiency efforts.
As part of the first actions of the Sheinbaum government, on October 3 the SAT launched a series of simplifications and digitization of procedures. Of a total of 12 procedures, nine can now be done digitally, in addition to operations being digitized to serve taxpayers in offices more quickly.
According to the Treasury, in the January-October period, tax revenues increased 5.3% in real terms annually, the second highest growth rate since 2016 for the January-October period, driven by the solidity of economic activity and efficiency efforts. collection.
In this same period, “with the good performance of private consumption, VAT collection grew 2.3% in real terms compared to January-October 2023, contributing 12.4% to the total increase in collection. For its part, ISR income increased 1.5% real annually in the same period, benefiting from the 6.2% real increase observed in October,” the Treasury reported.
The total collection of the IEPS increased 33% in real terms compared to January-October 2023, driven by the increase in income derived from the fuel component of 65.3% in real terms annually.
Higher payment of tax on imports
From January to October, import tax collection increased by 31.7% in real terms annually, due to the implementation of tariffs in some sectors, as well as for countries with which there is no trade agreement.
This component contributed 13.1% to the growth in collection and was 28,000 million pesos higher than the program. Non-tax revenues registered a real annual decrease of 1.6% compared to January-October 2023, due to lower duties and products. However, these income were greater than the program by 66,000 million pesos.
Oil revenues registered a real annual decrease of 12.4% during January-October, derived from lower crude oil production and a lower price of natural gas. Internally, Pemex’s revenues, which represented 84% of total oil revenues, grew 10.1% in real terms, favored by measures to improve the company’s operations.
In the accumulated to October, the income of the IMSS, the ISSSTE and the CFE registered increases of 7.3, 5.1 and 1.6% real annual, respectively. As a whole, they exceeded the programmed by 91,000 million pesos.
