The Ministry of Finance and Public Credit (SHCP) highlighted Mexico‘s foreign trade tax revenues.
During the first three months of 2024, domestic contributions accounted for 79% of tax revenues.
They reached 986,756 million pesos.
Compared to the same period of the previous year, this represented a real increase of 7.8 percent.
This increase is mainly due to the greater dynamism of VAT and STPS.
Foreign trade tax revenues
As for Mexico’s foreign trade contributions, during the first quarter of 2024 they stood at 259,272 million pesos.
Here, the collection of foreign trade taxes (ICE) was particularly notable, reaching 27,124 million pesos.
This represents a real increase of 15.6% compared to the same period in 2023. That is, Ps. 4.69 billion more in nominal terms.
Cost of collection
From January to March 2024, the cost of collection was reduced to 24 cents per 100 pesos collected.
This is four cents less than in the same period of the previous year.
This result was possible thanks to the implementation of the 2024 Master Plan, which allowed for an increase in tax revenues administered by SAT.
In addition, the federal government’s austerity efforts helped to make public spending more efficient in terms of tax collection.
Main Items
During the first quarter of 2024, 96% of total tax collection was concentrated in three main taxes: ISR, VAT and IEPS.
From January to March 2024, 716,128 million pesos were collected for ISR.
Of this, 52.8% (377,972 million pesos) corresponds to ISR withholdings for salaries, interest payments and payments to residents abroad, among others.
These withholdings were made by both individuals and corporations.
In addition, the collection of income tax profits obtained by individuals and corporations amounted to 334,773 million pesos, representing 46.7% of total income tax collection.
Wages and Salaries
The greatest growth in income tax collection was in withholdings from wages and salaries.
Wages and salaries increased their payments by 22,936 million pesos with respect to the same period last year.
The amount represented a real growth of 2.9%, reaching 324,503 million pesos in 2024.