Government meets fiscal goals with spending adjustments
During the first nine months of this year, the public sector income registered a missing for 157.7 billion pesos, compared to the scheduled schedule, The Ministry of Finance and Public Credit reported to the Congress of the Union.
This gap was generated by oil revenues due to the lower price of crude oil and appreciation of the peso against the dollaras well as a loss in tax collection, mainly a consequence of the weakness of income from the Value Added Tax (VAT) and the special taxes.
According to Public Finance and Public Debt Report, the government had scheduled revenues of 5 billion 335 thousand 070.9 million pesos; however, Only 5 billion 195 thousand 420.6 million pesos were reached.
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As for the Oil revenues were 787 thousand 091.8 million pesoswhich translated into 26 thousand 773.9 million pesos compared to what was expected.
“Oil revenues showed an annual decrease between January and September, as a result of a lower oil price compared to what was observed in the same period of 2022 and the appreciation of the peso against the dollar,” the Treasury justified.
Over the tax revenues, 3 billion 350 thousand 727.8 million pesos were collectedwhich also represented a shortfall of 116 thousand 156.4 million pesos, compared to what was programmed.
He Income Tax (ISR) reported the best collection, with 40 thousand 545.4 million pesos more than what was programmed; However, the VAT had a shortfall of 122,377.8 million pesos and the Special Tax on Production and Services (IEPS) of 29,150.8 million pesos.
The appreciation of the peso against the dollar had a negative effect on VAT. At the end of the third quarter, a real decrease of 4.7% was observed compared to January-September 2022,” the agency said.
ADJUSTMENT TO EXPENDITURE
The lack of income with respect to what was approved was compensated more than proportionally with a adjustment in public spending for 220.6 billion pesos, since a reduction was observed in the exercise of expenditure compared to what was approved.
I agree with you Treasury datathe total expenditure of the budgetary public sector was 5 billion 860 thousand 639.2 million pesos, between January and September 2023, below the 6 billion 081 thousand 212 million pesos programmed for the year.
This better programmed spending was observed in practically all areas of the federal public administrationincluding a lower amount in contributions to states and municipalities for 61.0 billion pesos, compared to what was programmed.
This way, The government recorded a deficit of 665.3 billion pesos62.9 billion less than scheduled.
The budget balance was less than the programmed deficit at 62,923.4 million pesos at the end of September, while the primary budget balance was greater than the programmed at 48,812.3 million pesos,” the Treasury report stated.
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