Between January and October 2024, the Treasury received $6,461.9 million, 2% more than it projected when it presented the 2024 budget.
Between January and October of this year, the Ministry of Finance has raised $6,461.9 million, 2% more than it projected when it presented the 2024 budget, according to preliminary figures it has published on its tax transparency portal.
This 2% is equivalent to an additional $127.5 million over the tax year expected this year. By October 31, the portfolio expected to receive $6,334.4 million.
Comparing the actual collection accumulated in 2024 with that of 2023, the proceeds increase.
Between January and October 2023, the Treasury reported $6,030.8 million in revenue; a year later it earned $6,461.9 million, an increase of $431.1 million in absolute terms (7 percent more).
Last October alone, $583.5 million, $47.1 million more than in October 2023.
The two main sources of income for the tax office are taxes such as VAT and income. In the first case, Hacienda reports having received $2,890.5 million until last October, this amount represented an additional $163.1 million, for an annual increase of 6%, compared to the project by the entity.
In absolute terms, year-on-year growth in VAT revenue is 10% or $263.6 million. Import VAT amounted to $1,552.9 million in October this year, and to $1,337.5 million for statements.
Income tax (ISR) contributed $2,706.6 million as of October 31, 2024, 4.1% more than budgeted, or $106.4 million extra. Comparing what was actually raised by the ISR between January and October 2023, against January and October 2024, the increase is $206.9 million or 8.3%.
The month that the ISR reports the highest income in 2024 is April, with $719.4 million, due to the deadline for the citizenry to present its declaration.
In analyzing the figures, economist Rafael Lemus stresses that the increase of more than 120 million in the scheduled collection is mainly due to VAT and income and recalled that an amnesty law is currently in force.
“The point is that that was not in the budget, that that will raise an extra $100 million, which is what is increasing (the collection), I think is what explains that increase beyond the budget,” Lemus explains.
People take advantage and that raises the collection. It cannot be attributed to a trend, it cannot be attributed to a performance to the economy, but there are even things that are left of other periods, he added.
This article was translated after originally appearing in La Prensa Grafica