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The Ministry of Finance and Public Credit (SHCP) predicts that the subsidy for gasoline will cost 98 thousand 229 million pesos, or 30 billion more (ie 42% more) that was destined in 2017, due to rising oil prices and the dollar. The hacienda explained in the 2018 Budget Expenditure Budget:
The increase in budget expenditures observed in the tax incentives associated with the IEPS of motor fuels is due to the fact that, although the same scheme be used to amortize changes in fuel reference prices, in 2018 the price of crude oil and the exchange rate (which are the determinants of the price of references for gasoline and diesel) were higher than what was observed in 2017. "
Who benefits from the subsidy of gasoline in Mexico? It is answered by a graph: pic.twitter.com/l3S4gt0xYM
– Viridiana Rios (@Viri_Rios) December 29, 2016
From the total price of a liter of gasoline, about 40 The percentage corresponds to the special tax on production and services (ieps) for gasoline and fuels.The government should subsidize a p part of this tax so that consumers do not feel bad in their pockets.
The price of the liter of gasoline would be up to 25 pesos without the subsidy, according to the Mexican Institute of Accountants by not charging VAT (Value Added Tax) 16% on food and drugs, the Treasury will stop collecting 250 billion pesos in 2019, more than the estimated amount of 236 billion pesos by 2018
I ask OPEC #PorLoQueMasQuieras that your members do not increase their oil production, because if the price goes down, they will reduce the surplus income in Mexico and after July 1st, goodbye to the IEPS grant and to the increase in the price of gasoline will be inevitable ? pic.twitter.com/OF4smRq9YH
– Raymundo Tenorio (@raymundotenorio) May 28, 2018
Finance will cease to receive 232 thousand 751 million pesos in 2019 by the regim in zero rate in the food VAT, while for the articl e of drugs will be 19 thousand 058 million pesos.
For three months, the Treasury lost 9,315 million pesos to reduce the fuel tax. In the first quarter of 2018, the Treasury collected 21.9% less on the special tax on production and services compared to the same period of 2017.
With information from El Financiero and Expansión
Photo: Archivo LNN
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