The Senate approves the Federal Revenue Act for Fiscal Year 2024.

he Plenary session of the Senate of the Republic He generally agreed with the opinion, according to which there were 70 votes in favor and 43 votes against Federal Revenue Code for Fiscal Year 2024. This law does not include new taxes, nor increases in existing taxes, to benefit Mexicans.

LIF 2024 projects total revenues of P9 trillion, debt equivalent to 48.8% of GDP (46.5% in 2023), and a historic fiscal deficit – the largest since 1988 – equivalent to 5.4% of GDP (3.9% in 2023). ).

The 2024 macroeconomic framework takes into account growth of 3% of GDP and an exchange rate of 17.60 Mexican pesos at the end of the year.

Highlights include a reduction to 0.50% in the withholding rate for savers from the proposed rate of 1.48%, as well as a lower tax burden on PEMEX, whose initial proposal from SHCP was a 35% Right to Common Earning (DUC) rate. ) It was approved at a rate of 30%, that is, less than the 40% that was approved for the fiscal years 2022 and 2023.

The document estimates that the income the federation will receive next year will total nine billion 066 thousand 045.8 million pesos; Of which four billion, 942 thousand and 030.3 million pesos correspond to taxes; 535,254.7 million pesos for social security fees and contributions; P36.5 million for improvement contributions; 59 thousand 091.4 million pesos for rights.

In addition to eight thousand and 641.6 million pesos for products; 193 thousand 877.0 million pesos for uses; 1 billion 312 thousand 289.4 million pesos for income from sales of goods, provision of services and other revenues; 277,774.3 million pesos for transfers, allowances, subsidies, subsidies, pensions and retirements; One billion 737 thousand 050.6 million pesos corresponds to the income derived from financing.

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Likewise, the ruling provides for a federal participation collection totaling four billion, 564 thousand and 924 million pesos.

It was considered appropriate to authorize the Federal Executive, through the Ministry of Finance and Public Credit, to contract and exercise credits, loans and other forms of exercising public credit, including through the issuance of securities, under the terms of the common law federal debt, in an amount amounting to one trillion 990 billion pesos net. Internal debt.

During the fiscal year 2024, the provision is maintained that authorizes the Federal Executive to grant the necessary tax benefits, in order to duly comply with the decisions derived from the application of international mechanisms for resolving legal disputes that determine the violation of an international treaty.

State earnings have not been determined by Petroleos Mexicanos and the Federal Electricity Commission, as well as its production companies, because these companies are not expected to achieve profits during the 2023 fiscal year.

It was agreed to grant Petroleos Mexicanos and its affiliated production companies an amount of net internal debt amounting to 138 thousand and 119.1 million pesos and an amount of net external debt amounting to three thousand and 726.5 million dollars.

Likewise, Mexico City is authorized to contract and exercise credits, loans and other forms of public credit in the amount of net debt of two thousand and 500 million pesos to finance the works provided for in the Mexico City Expenditure Budget for Fiscal Year 2024.

The total income from long-term productive infrastructure projects for direct and conditional financed investments of the Federal Electricity Commission is proposed to be a total of P267,863.1 million, of which P119,349.9 million corresponds to direct investment and P148,349.9 million corresponds to direct investment. A. 513.2 million pesos for conditional investment.

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