The Mexican Government plans to close 2024 with an increase of 5% in tax revenue and more than 8% in 2025, reported this Thursday Antonio Martínez Dagnino, head of the Tax Administration Service (SAT), in the daily conference of the National Palace.
The treasury has collected more than 4.91 trillion pesos (about 245.5 billion dollars) from January 1 to December 23, based on preliminary figures, which represents 445.284 million pesos more (22.264 million dollars) than about 4.47 trillion pesos (223.5 billion dollars) in 2023, said the head of the SAT.
In addition, the official estimated that in 2025 collection will increase more than 8% to 5.3 trillion pesos (265 billion dollars) thanks to the digitalization of tax procedures and greater collection at customs.
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“We can see the strengthening of the tax revenues of the federal government from 2019 to date, right now we have a growth of 5% and we went from the 2018 collection of 3 trillion (150,000 million dollars) to closing this year with almost 5 trillion of pesos (250,000 million dollars),” he commented.
The president of Mexico, Claudia Sheinbaum, assured that “these are very good numbers for 2024” by highlighting that the increase in revenue is equivalent to 1.5% of the gross domestic product (GDP).
The president highlighted that the increase occurred “without increasing taxes,” which reflects that there is still an opportunity to increase income without a tax reform, as she argued that there is already a redistribution of wealth and income.
“That is to say, what the SAT has done is collect taxes appropriately, not allow the privileges of the past and, at the same time, strengthen the SAT to continue increasing tax taxes,” he said.
Tax collection represents 90% of the Government’s total income, said the head of the SAT, who highlighted that the figures show 99.5% compliance with what is estimated in the Federation Income Law in 2024.
The largest annual increase this year, of 34.2%, occurred in the special tax on production and services (IEPS), which reached 623,847 million pesos (31,192.35 million dollars).
Meanwhile, income tax (ISR) collection rose 1.6% year-on-year to exceed 2.64 trillion pesos (132 billion dollars) and value added tax (VAT) rose 0.5% to 1.42 trillions of pesos (71,000 million dollars), while the rest corresponds to “other” taxes.
With information from EFE
