6% Increase in Tax Revenue from January to August

17:16 09/09/2024 - PesoMXN.com

During the first eight months of 2024, the Tax Administration Service (SAT) reported tax revenues totaling 3.338 trillion pesos, which represents a real increase of 6.3% compared to the same period last year.

“This figure fully meets the projections outlined in the Federal Revenue Law (LIF) up to August 2024,” the SAT specified in a statement released on Monday. When it comes to income generated from the Value Added Tax (VAT), 931.998 billion pesos were collected, reflecting a real growth of 6.3% during the same period mentioned. As for the Special Tax on Production and Services (IEPS), the revenue amounted to 424.888 billion pesos, which adds up to 139.952 billion pesos more. In terms of Income Tax (ISR), collections reached 1.833 trillion pesos, marking an increase of 87.417 billion pesos compared to the first eight months of last year. The SAT added that these results are the outcome of the implementation of the Master Tax Audit and Collection Plan, which has allowed for more efficient tax collection without the need to create or raise existing taxes.

It is notable that the increase in revenue not only reflects effective tax administration but also a dynamic economy that generates more income. For these results to translate into better well-being for the population, it is crucial for the government to manage these resources responsibly and transparently, directing them toward priority areas such as health, education, and infrastructure.