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Mexico's oil revenues drop, but tax collection up

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(Globalpost/GlobalPost)

Mexico City, Dec 31 (EFE).- Mexico's oil revenues dropped 1.8 percent in the January-November period, compared to the same period in 2012, but non-petroleum tax revenues rose 3.9 percent, the government said.

Public sector budget revenues fell 1.2 percent in real terms during the first 11 months of 2013, compared to the January-November period last year, the Finance Secretariat said.

Oil revenues fell as a result of a drop in the average price of Mexico's crude exports, lower oil and gas production, and a stronger peso, the secretariat said in a report.

Non-petroleum tax revenues rose due to a program to get people to pay their taxes and one-time revenues from the $13 billion sale of Mexico's Grupo Modelo to Belgium's Anheuser-Busch InBev.

Some 33 percent of the Treasury's revenues come from petroleum production, which is controlled by state-owned monopoly Petroleos Mexicanos, or Pemex.

Mexico's public sector deficit totaled 262.89 billion pesos ($20.22 billion) in the January-November period, the secretariat said.

The federal government's foreign debt was up by $9.5 billion on a net basis at the end of November, compared to the Dec. 31, 2012, level, and totaled $131.19 billion, the secretariat said.

http://www.globalpost.com/dispatch/news/agencia-efe/131231/mexicos-oil-revenues-drop-tax-collection