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Mexico Discloses Increased Tax Revenues

by Leroy Baker, Tax-News.com, New York

09 November 2011


With Mexico’s economy showing a growth rate of 3.7% in the third quarter of this year, the government’s tax revenues also continued to register significant growth, due primarily to higher oil revenues.

As in the government’s previous budget forecasts, Mexican economic growth is still expected to reach 4% of gross domestic product (GDP) in 2011, and, as a result, the government’s fiscal deficit in the first three quarters of the year, excluding its investment at Petroleos Mexicanos (Pemex), the state-owned oil company, was only MXN29.8bn (USD2.2bn), on the way to a full year’s deficit of 0.5% of GDP.

In the period from January to September 2011, tax revenues totaled just over MXN2.3 trillion, 6.4% higher than in the same period of 2010 and 0.7% more than was forecast in the 2011 budget.

Those higher tax collections were largely due to substantially greater receipts from Pemex’s oil exports, which provide about a third of the government’s income and which increased by 13.5% in the first three quarters of 2011 – partly due to a small increase in oil production, but largely due to the rise in oil prices of nearly 40%.

During the same period, non-oil tax receipts also increased by 3%. That was the result, for example, of a 10.7% rise in collections of IEPS, the excise duty on imports of alcohol, cigarettes and some luxury goods, and of 8.8% in other import taxes, while value added tax collections fell by 2.5%.

TAGS: tax | economics | value added tax (VAT) | gross domestic product (GDP) | budget | Mexico | excise duty | import duty | revenue statistics

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