Federal government fails to meet public revenue target for November – El Sol de México

In the penultimate month of the year, the federal government fell short of its budget revenue goal. According to the Ministry of Finance and Public Credit (SHCP), at the end of November around six trillion 346 billion pesos were collected, 113 thousand 632 million less than programmed.

When releasing statistics on public finances and public debt, the SHCP pointed out that the drop in income was the result of a drop in oil resources, which fell 26.6 percent annually, given the movements in the international price of crude oil and the appreciation of the exchange rate.

The data from the agency indicate that from oil revenues alone, the federal government obtained a purse of 996 thousand 117 million pesos, which were also lower by 212 thousand 328 million pesos compared to the estimate.

During the reference period, the exchange rate went from 18.97 to 17.38 pesos per dollar, according to data from the Bank of Mexico (Banxico), while the cost of the Mexican Export Mix (MME) moved to an average of 67.26 a 73.18 dollars per barrel.

Despite these results, the SHCP headed by Rogelio Ramírez de la O pointed out that tax collection in Mexico contributed close to 64 percent of all public income in the 11 months of 2023.

According to the agency, the accumulated tax revenues were 4.05 billion pesos, 10.9 percent more than what was observed in the same period last year.

In this area, the collection of the Income Tax (ISR) stood out, a tax associated with employment, and from which more than two trillion 273 billion pesos were obtained, as a result of the higher labor income and the growth of the profits of companies, according to the SHCP.

For its part, the collection of the Value Added Tax (VAT), which is related to the population’s consumption, linked three months of annual growth, reaching a real increase of 1.7 percent at the end of November with 1.19 billion pesos.

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