The Mexican Government reported this Wednesday a historic collection of taxes from large taxpayers in the automotive industry in the first six months of 2023, when it collected more than in the entire Presidency of Enrique Peña Nieto (2012-2018).
According to Tax Administration Service (SAT)in the first half of 2023, 14,860 million pesos (about 889 million dollars) were obtained by the automotive sector in the country, which contributes 4% of the gross domestic product (GDP) national and little more than 20% of the manufacturer.
The data was higher than the 14,523 million pesos (869 million dollars) of the six years of Peña Nieto’s management.
This is also the highest figure recorded in the four years of the government of current President Andrés Manuel López Obrador, who under his tenure has collected a total of 49.224 million pesos (2.945 million dollars) from large taxpayers in the automotive sector in Mexico.
This figure, cut in the first six months of 2023, also represents a 152% increase in total taxes collected from businessmen in the automotive production chain throughout the period 2012-2018, during the six-year term of former President Peña Nieto.
The favorable result for the Mexican Treasury in the first half of the year occurs in the midst of the phenomenon of the relocation of productive chains or “nearshoring”.
Mexico has capitalized his manufacturing potential in the Automotive industrywhich has presented the largest investment announcements, such as the Tesla plant that was announced this year for the north of the country, with close to 10,000 million dollars of investment.
The automotive sector leads manufacturing exports, which represent almost nine out of 10 products sold abroad, with vehicles and auto parts as the ones with the greatest weight in the trade balance.
The collection data in the first half of 2023 also shows an increase of more than 54% compared to what was received in 2022, when the tax payment for 9,599 million pesos (574 million dollars).
This also shows a recovery, after in 2021 this level of income from large taxpayers in the automotive industry amounted to 11,273 million pesos (674 million dollars) in 2021, and 11,363 million pesos (679 million dollars) in 2020, in the midst of the covid-19 pandemic.
The automotive industry has recovered from the impacts of the pandemic and the shortage of semiconductor chips in Mexico, with year-on-year growth of almost 14% in production and 11% in exports in the first half of the year.
MORE NEWS:
EFE International news agency based in Madrid and present in more than 110 countries.