The collection that the public treasury obtains for the payment of taxes by taxpayers reported its biggest drop for a July since 2007, mainly explained by the cost that fiscal stimuli have had on gasoline, revealed data from the Ministry of Finance and Public Credit (SHCP).
Considering only July, taxpayers left the public treasury a collection of 291,750 million pesos, which represented a decrease of 9.4% compared to the same month of 2021. This represented the largest drop since July 2007, when income taxes decreased at an annual rate of 10 percent.
Likewise, what was collected by the treasury in the month was less than what was projected for the period. The Monthly Income Forecast Calendar forecasted a collection of 326,811 million pesos in July, something that was not yet achieved with the extraordinary behavior of the Income Tax (ISR).
Mariana Campos, coordinator of the Public Expenditure and Accountability Program of México Evalúa, explained that the drop in collection could have been due to lower charges by the Tax Administration Service (SAT), which in the current administration has been concentrated on the collection of tax debts, especially from the so-called large taxpayers.
However, the biggest drag on public finances would be the tax incentives to the IEPS that is applied to gasoline, where the government has chosen to waive the collection of this tax to avoid further increases in the price of gasoline.
The agency in charge of Rogelio Ramírez de la O, reported that in the case of ISR, the collection collected was 164,824 million pesos, 9.9% more than in July 2021. In the case of VAT, the collection obtained was 129,796 million pesos, 6.9% more than a year ago.
The IEPS showed a negative figure of 18,795 million pesos, dragged down by fuel subsidies.
Oil tankers grew 91%
In the case of income obtained through the sale of oil, the Treasury reported resources of 166,742 million pesos, which represented a growth of 91.8% in annual comparison.
This is due to the rise in the price of oil, which was due to greater demand and intensified due to Russia’s invasion of Ukraine at the end of last February.
In this way, in July budget revenues totaled 556,934 million pesos, an annual growth of 7.8 percent. And they exceeded the 497,981 million pesos that were programmed for the month.
Oil and ISR, lifesavers
In the case of the amount accumulated from January to July, it was observed that oil and ISR sustained public revenues, reporting not only significant growth, but also greater resources than programmed in the period.
From January to July of this year, budget revenues totaled just over 3.8 billion pesos, which represented a growth of 5.3% compared to the same period last year.
Revenue growth is due, first of all, to oil revenues. In total, in the first seven months of the year, oil revenues totaled 760,936 million pesos, which resulted in an annual growth of 39.3 percent. In this way, surplus revenues of 134,034 million pesos were obtained in the period.
In tax revenues, these were for just over 2.3 billion pesos, a growth of 1.0% compared to the same period in 2021. However, the tax revenues obtained in the period did not meet expectations, and 28,624 remained. million pesos below the forecast for the period.
Within taxes, ISR collected just over 1.4 billion pesos, 15.3% more than a year ago.
