Public Revenues Increase 17.3 Percent in JanuaryBy Ricardo Guzman | Mon, 03/02/2020 - 17:22
The Ministry of Finance and Public Credit’s (SHCP) tax revenues grew 17.3 percent compared to the same period for 2019, the agency has reported. Of the MX$540.2 billion collected, the annual 10.9 percent growth in tax collection real terms, which added a further MX$364.6 billion to the ministry’s coffers, stands out.
The amount collected through Value Added Tax (IVA) also showed a rise in January with a reported annual increase of 20.9 percent, or MX$113.1 billion, while Income Tax (ISR) revenue grew 0.8 percent to reach MX$178.9 billion.
“These results indicate the positive signals around the economy, and suggest that 2020 could be better than 2019,” Héctor Villarreal, general director of the Center for Budget Economic Research said to El Economista.
In 2019, IVA collection registered 10 months of continuous falls while ISR reached eight months of negative results. Analyst suggested that IVA and the Special Tax on Production and Services (IEPS) results were influenced by fiscal changes approved in the Federation Revenue Law.
IEPS collection grew a remarkable 33.1 percent to contribute MX$62.3 billion pesos. Oil and diesel were outliers, presenting a reduction of 4 percent in real terms compared to the first month of 2019. Taxed fuel revenues reached MX$29.4 billion.
Meanwhile, total national oil revenues provided MX$55.3 billion to the SHCP. The agency explained this was due to bigger mix prize recorded last year, a situation that is changing due to the impact COVID-19 (coronavirus) has had on worldwide oil prices.