Record Tax Collection in Mexico for 2024

The Tax Administration Service (SAT) announced this Wednesday that last year it reached a historic tax collection amount of 4.954 trillion pesos.

This figure reflects a real growth of 4.7% compared to the previous year. Tax revenues exceeded the projections set in the Federal Revenue Law for 2024, achieving a compliance rate of 100.3%, according to a report from SAT. The Special Tax on Production and Services (IEPS) saw the most significant increase in 2023, with a rise of 34.8%. "During 2024, 2.684 trillion pesos were collected from the Income Tax (ISR), which represents an increase of 177.263 billion pesos compared to the previous year, equivalent to a real growth of 2.2%," detailed the tax authority. As for the Value Added Tax (IVA), 1.407 trillion pesos were collected, meaning 41.4 billion pesos more than in 2023.

It’s notable how tax collection has reached record levels in Mexico, which not only reflects better tax administration but also indicates a potential improvement in the overall economy of the country. This increase in collections can be used to strengthen social and infrastructure programs, but it can also serve as a foundation for a deeper analysis of the sustainability of these revenues in the long term. It is vital that resources are managed properly to maximize their impact on economic growth.