Tuesday, June 25, 2024

Mexico’s tax collection agency recovers a record 4 billion pesos

Mexico’s Federal Tax Administration (SAT) reported that it collected 417 billion pesos after audits during the first nine months of 2020, 144% more than last year.

The amount, a record for the agency, is 12 times the amount budgeted in 2021 for the Maya Train. It is also three times the amount needed for Mexico’s seniors’ pension plan.

According to SAT officials, nine out of 10 audits resulted in money recouped.

The news comes not long after some less-than-great news for the agency. SAT chief Raquel Buenrostro reported in October that tax collections were down 0.9% this year compared to last year.

Not all this extra money is cash in the bank yet, however.

About 1.63 billion pesos of it actually consists of future amounts that will not be returned to taxpayers due to the agency’s better tracking and control mechanisms that it predicts will catch questionable taxpayer deductions and fraud, officials said.

Nevertheless, SAT officials said, the initiative turned a hefty profit: the agency said it made 153.8 pesos for each peso spent on audits.

El Universal (sp)

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