The Ministry of Finance and Public Credit (SHCP) reported that during the first four months of 2014 tax revenues for the government significantly increased over the tax collections during the same period past year, totaling 663 billion pesos ($50 billion).
A spokesperson for the SHCP said the tax revenues represented a 13.1 percent increase over the prior year in spite of the lackluster performance of the Mexican economy.
The increase in tax income was attributable to the Special Tax on Production and Services (IEPS), the increase in the Value Added Tax (VAT) rate on certain transactions, and the restructuring of the federal income tax. The tax increase in these three areas represent a 30.2 percent, 20.6 percent, and 17.1 percent increase, respectively.
Notwithstanding the good news, the SHCP noted that tax income from Petróleos Mexicanos’ (Pemex’s) oil revenues fell 0.4 percent from the same period in 2013.
(from El sol de Mazatlán)
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