As usual on Fridays, the Ministry of Finance and Public Credit (SHCP) announced through a decree published in the Official Gazette of the Federation (DOF) the updating of tax benefits for gasoline in Mexico during the week of Saturday June 10 to Friday June 16, 2023. Said decree establishes the discounts on the Special Tax on Production and Services (IEPS) that apply to conductors when loading fuel in their vehicles.
During that period, changes will be made to the amounts of the subsidies provided by the federal government, as well as the rates applied to consumers when filling the tank with different types of fuel, such as Magna Gasoline, Premium Gasoline and Diesel.
In this situation, the government entity has reduced support for the tax burden on regular 87-octane gasoline, reducing the discount for Special Tax on Production and Services (IEPS) from 28.65% to 24.32% during the next week that will start on Saturday.
With this modification, the Ministry of Finance will be in charge of subsidizing 1.4397 pesos for each liter of regular gasoline that drivers purchase, leaving a remaining cost of 4.4798 pesos per liter. This represents an increase of 25.61 cents compared to the previous period.
As of this Saturday, users who purchase Premium Gasoline, with an octane rating of 91, will experience a reduction in the tax stimulus for this type of fuel, going from 1.45% to 0%. As a result, consumers will be responsible for fully covering the Special Tax on Production and Services (IEPS) charge when filling their tanks.
This implies that motorists will have to pay 4.9987 pesos per liter of Premium Gasoline, which represents an increase of 7.27 cents compared to the previous week, when a discount was still applied. Next Friday, a new support update will be made through a post on the Official Gazette of the Federation (DOF).
With regard to vehicles that use Diesel as fuel, the Ministry of Finance has increased the fiscal stimulus to 1%, after having previously remained at 0%. This means that Diesel will be the only hydrocarbon that will experience an improvement in the subsidy provided by the federal government.
Under these conditions, the Ministry of Finance and Public Credit (SHCP) will subsidize 0.0653 pesos of taxes for each liter of Diesel, leaving the user responsible for paying the rest, which amounts to 6.4402 pesos. This amount represents a reduction of 6.53 cents compared to the subsidy level in effect as of the previous Friday.
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