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For this year, the Ministry of Finance estimates that the subsidy for gasoline will be 98 thousand 229 million pesos, 30 billion more (or 42% more) than what was spent in 2017, because of the rising price of oil and the dollar.
"The increase in budgetary expenditures observed in IEPS tax incentives for motor fuels is due to the fact that, although the same regime is used to amortize price changes from fuel referrals In 2018, the price of crude oil and the exchange rate (which are the determinants of the price of gasoline and diesel references) were higher than what was observed in 2017, "said the Treasury in the 2018 Estimates.
On the total price of a liter of gasoline, between 30 and 40% corresponds to the special tax on production and services (IEPS) for gasoline and fuels so, because of the rise in the price of oil and against the dollar, the government is subsidizing some of this tax so that consumers do not feel wronged.
In fact, according to the Mexican Institute of Public Accountants, the price of a liter of gasoline would be 25 pesos without the subsidy.
For food and medicine, he will stop collecting 250 thousand pesos in 2019
In the same document, it is stated that in order not to apply the value-added tax (VAT) of 16 per cent to food and medicine, the Treasury will stop collecting 250 billion pesos in 2019, more than the estimated amount of millions of pesos for 2018.
To continue with the zero rate system of VAT on food, the Treasury will cease to receive 232 000 751 million pesos in 2019, while for drugs it would be 19 000 058 million pesos.
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