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Mexico City (apro) – The Ministry of Finance and Public Credit (SHCP) announced a cut in the amount of tax subsidies for the Special Tax on Production and Services (IEPS) and a reduction in the quotas for Magna and diesel gasoline.
The SCHP published the tax adjustments this Friday in the Official Gazette of the Federation (DOF). The agreement specifies the percentages and quantities per liter applicable to these fuels between Saturday, July 13 and Sunday, July 19 of this year.
The fiscal stimulus for Magna gasoline as a percentage of IEPS is 15.30%, and the IEPS for diesel is 9.31%. This week, the subsidy for Magna gasoline is 12.64%, equivalent to 0.7808 per liter, and the subsidy for diesel is 5.50%, equivalent to 0.3732 per liter.
For premium gasoline, there will be no support as in previous weeks, so customers who purchase this gasoline will have to pay 100% of the corresponding IEPS.
The rate applicable to Magna gasoline remains at 5.3944 pesos per liter; for premium gasoline, the rate is 5.2146 pesos per liter, and for diesel, it is 6.4133 pesos.
IEPS is an indirect tax that applies to the production, sale or import of certain goods and services, meaning that taxpayers do not pay it directly but collect it from customers and only report it to the tax authorities.
The tax is imposed on the production, sale or import of gasoline, tobacco, beverages and high-calorie foods because these products may have a negative impact on people’s health or the environment.
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