Collection falls in the first four-month period due to a drop in oil revenue: Treasury – El Sol de México

In the first quarter of the year, the country’s total income reached two trillion 361 thousand 712.6 million pesos, 3.1 percent less than in the same period of 2022, according to the Ministry of Finance and Public Credit (SHCP).

The drop in collection was the result of lower oil revenues, which decreased by 28.8 percent annually and amounted to 317 thousand 451.2 million pesos, as a consequence of a drop in the international price of oil, specified the dependency in its report on public finances.

You can read: VAT collection supports tax revenue in the first quarter

In the document, dated April 2023, the SHCP detailed that only income from Petroleos Mexicanos (Pemex) they fell 7.5 percent with 232 thousand 218.9 million pesos.

For its part, the oil revenues of the federal government, which it obtains from profits from the Mexican Petroleum Fund and tax collection On Income (ISR) to private contractors, reached 85 thousand 232.3 million pesos, 56.2 percent less than in the same period of 2022.

Last year, between March and April, the international price skyrocketed after the start of the war between Russia and Ukraine. This led to price a barrel of oil above 100 dollarswhich also caused a rise in the cost of gasoline in Mexico.

Given this scenario, the SHCP in charge of Rogelio Ramirez de la O activated a program of complementary stimuli to fuels, in order to avoid economic impacts on the population due to the gasoline bombs.

➡️ Subscribe to our Newsletter and receive the most relevant notes in your email

Official statistics indicate that derived from these supports, the federal government stopped collecting around 373 thousand 18 million pesos in 2022.

Notwithstanding the performance of oil resources, The SHCP indicated that the collection of taxes contributed 68 percent of all public income in the countryby leaving a bag of more than 1.6 trillion pesos between January and April 2023.