Photo: Pulse News Mexico Staff

By KELIN DILLON

According to new fiscal data released by the Mexican Tax Administration Service (SAT), Mexico collected 3.68 trillion pesos in taxes between January and September 2024.

The year’s current collection figures represent a 5.3 percent increase in taxes from the same time frame in 2023, amounting to a 346.2 billion peso difference.

A reported 2.38 trillion pesos were collected from Income Tax (ISR) during the first nine months of the year, a 1.1 percent increase year over year.

Much of the year’s tax collection growth came from Mexico’s Value Added Tax (VAT), which collected a reported 1.38 trillion pesos from January to September, a 4 percent year-over-year increase. 

Meanwhile, Mexico’s  Special Tax on Production and Services (IEPS) – a tax charged for putting gasoline into vehicles – brought in 449.9 billion pesos, a significant 30.8 percent increase from the first nine months of 2023.

According to SAT Director Antonio Martínez Dagnino, Mexico’s growing tax coffers come from implementing the Master Plan for Inspection and Collection, which the official says has “leveled the playing field” for tax collection in the country.

This puts Mexico on track to surpass the 4.52 trillion peso in taxes collected throughout 2023 by the end of 2024. This significant increase in tax collection will provide the newly inaugurated President Claudia Sheinbaum Pardo’s administration with substantial capital to carry out planned policies and public projects.