Introduction
Edgar Amador Zamora, the head of Mexico’s Secretaría de Hacienda y Crédito Público (SHCP), emphasizes the importance of customs in enhancing tax collection before considering a fiscal reform. Customs have been crucial for the government’s financial stability, as highlighted in an interview with El Economista.
Customs as a Major Source of Tax Revenue
Amador Zamora pointed out that customs have contributed significantly to the government’s tax revenue, accounting for 22% of the total 100 pesos collected from tax payments.
The Role of Customs in Mexico’s Finances
With 50 customs offices across the country, these institutions serve as a vital source of tax income. The government aims to strengthen customs operations before pursuing a fiscal reform, recognizing their potential for increased revenue.
Addressing Regulatory Gaps and Tax Evasion
Amador Zamora acknowledged the need to close regulatory loopholes and combat tax evasion in customs. He mentioned that the government has taken steps to address these issues, such as closing loopholes in the law regarding e-commerce platforms from countries without trade agreements.
Government Actions and Achievements
The government has successfully obtained 6,000 million pesos by addressing these regulatory gaps. According to the latest data from the National Customs Agency of Mexico (ANAM) and SHCP, customs revenue reached 336,921 million pesos by the end of the first quarter of this year, marking a 21.5% annual growth.
Impact of Fiscal Leakage (Huachicol)
Amador Zamora discussed the significant impact of “fiscal leakage,” or tax evasion schemes, on public finances during a conversation with media outlets before the closing of the 88th Banking Convention.
Coordination Among Authorities
He stressed the importance of coordinating with relevant authorities, including ANAM, the tax agency, the Ministry of Economy, Security, and Hacienda, to tackle this complex issue. The government is committed to reducing fiscal leakage.
Debt as a Complement, Not a Primary Source
In a year focused on fiscal consolidation, Amador Zamora emphasized that government debt should only complement public revenue to cover government spending, not serve as a primary driver of economic growth.
Expected Reduction in Fiscal Requirements
This year, the Requerimientos Financieros del Sector Público (RFSP) are expected to decrease to 3.9% of the GDP, down from last year’s historical high of 5.7%.
Key Questions and Answers
- What is the significance of customs in Mexico’s tax collection? Customs are a crucial source of tax revenue, accounting for 22% of the total tax collections. The government aims to strengthen customs operations before considering a fiscal reform.
- What actions has the government taken to improve customs revenue? The government has closed regulatory loopholes in e-commerce platforms from countries without trade agreements, generating 6,000 million pesos in additional revenue.
- How does fiscal leakage affect Mexico’s public finances? Fiscal leakage, or tax evasion schemes, significantly impact public finances. The government is committed to reducing this issue through coordination with relevant authorities.
- What is the role of government debt in Mexico’s fiscal strategy? Government debt should complement, not drive, economic growth. This year, the government aims to reduce its fiscal requirements to 3.9% of the GDP.
