Mexico | Income tax revenue compensates lower income from excise taxes on fuels

Summary

In March 2022 the historic balance of public sector borrowing requirements (HBPSBR) was 46.8% vs. 50.0% of GDP in December 2021. The reduction in such balance was due to the fall of 1.7 and 1.5 percentage points of GDP in the internal and external debt component, respectively.

Key points

• Key points:
• At the end of the first quarter of 2022 the primary balance was MXN 92,033 million, a figure that compares favorably to the target of MXN -83,607 million for such balance in 2022
• Oil-related income (including Pemex’s own revenue) and non-oil-related income made it possible for total income to be above budgeted income during January-March 2022
• The additional income with respect to budget by MXN 20,700.5 million had a favorably impact on the public balance of the first quarter of 2022
• Income tax revenue was MXN 63,652 million above budget while income from excise taxes on fuels was MXN 43,462 million below budget

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