This collection, in addition to the VAT, helped to keep public income from taxes afloat, since 118,500 million pesos stopped coming due to the subsidy that the Treasury gives to Premium, Magna and diesel gasoline, and that it will maintain in 2023. VAT were 7,300 mdo higher than expected and registered real annual growth of 0.9%.
In addition, the collection of taxes on imports, on new cars and accessories, increased by 17.3, 22.6 and 49% in real terms, respectively.
Despite the lack of tax revenues due to the gasoline subsidy, the increase in the arrival of revenues due to a higher global oil price than budgeted for 2022, helped to compensate, and in the total revenues of the public sector 324,900 million pesos were registered more than what was programmed, therefore what was foreseen in the program and which represents an annual growth of 4.9% in real terms.
“The cost of fuel stimulus via the Special Tax on Production and Services (IEPS), which has contributed to stabilizing the level of inflation in our country and protected the purchasing power of the population, has been fully offset thanks to the performance of the oil and non-oil income of the Federal Government,” the Treasury reported in a statement.
