Treasury 'puts all the meat on the grill' to avoid gasoline

Treasury ‘puts all the meat on the grill’ to avoid gasoline

The new incentives to sellers will be given for each liter sold, and will be established by the Treasury when the discount to the federal IEPS that is charged to fuels is 100%, refers to the Decree.

For the week of March 5 to 11, the fuels that have a 100% subsidy are Magna gasoline and diesel.

For this reason, the Ministry of Finance will give an additional stimulus to marketers of 0.8716 pesos per liter of Magna, and another of 0.6061 pesos for each liter of diesel sold in this period, details the agreement that is published every Friday to publicize the IEPS quotas, and which contains a new section for additional incentives.

The amount of the tax incentive corresponding to all the liters of fuel sold in a calendar month may be credited against the Income Tax (ISR) payable by the taxpayer, who must find out in the statements of own provisional payments corresponding to the month in that the disposal of the fuels was carried out, or in the declaration of the exercise.

When you choose to apply the credit against your own provisional payments, the applied credit will be considered as a tax actually paid, the Treasury reports in the DOF.

If after the accreditation there is a difference or this has not been applied in the own provisional payments, “the taxpayer may credit it against the Value Added Tax (VAT) of the month in question, in which case it will no longer be possible to accredit in the declaration of the exercise of ISR”, details the tax authority.

IEPS in detail

The Treasury explained that starting tomorrow, Saturday, March 5, and until Friday, March 11, the IEPS fee for Magna gasoline and diesel will be zero pesos, given the 100% subsidy.

For Premium, the IEPS fee will be 0.1326 pesos per liter, that is, the Treasury applied a stimulus (discount) of 97.14%.

When the price of oil in the world rises, gasoline increases its cost in Mexico, the Ministry of Finance reduces the IEPS tax rate on fuels and that is included in its final price.

Each week, according to the behavior of prices, the Treasury raises or lowers these quotas, to the Magna, Premium and diesel, and publishes them every Friday in the DOF.

Given the increases that have already been seen in the prices of imported gasoline, it has been two weeks since this fee has been charged at the price of Magna gasoline, and with this it is the third. It should be noted that, on average, 80% of the gasoline consumed in Mexico is imported.

Given the uncertainty due to the conflict between Russia and Ukraine, crude oil prices have reached maximum levels in the last three weeks.

The government’s objective in giving these additional stimuli is that the price of gasoline does not rise above inflation, a promise made by President Andrés Manuel López Obrador.

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