Mexico’s lower house of Congress voted today to increase the revenue forecast for the nation’s 2013 budget by lifting the price estimate for oil exports and boosting income expected from taxes.
Mexico’s government will earn 3.96 trillion pesos ($310 billion) next year, the lower house’s finance committee said in an e-mailed statement. In approving the budget, the lower house increased the price-per-barrel of crude exports to an estimated $86 from the $84.90 President Enrique Pena Nieto had proposed last week. The adjustment helps lift revenue from the originally planned 3.93 trillion pesos.
Pena Nieto’s government on Dec. 7 presented a proposal to return the deficit to zero after Congress approved shortfalls in recent years, overriding Mexican law requiring a balanced budget, as the nation sought to recover from the 2009 recession and global financial crisis. The revenue portion of the budget now heads to the Senate as Congress has until Dec. 31 to approve the nation’s spending and income packages for next year.
Additional revenue will come from higher than originally estimated earnings from income taxes of 818.1 billion pesos rather than 815.8 billion pesos and from value-added taxes of 622.6 billion pesos, up from 617.9 billion pesos, according to the house committee statement.
Mexico’s peso has strengthened 9.4 percent this year against the U.S. dollar, the most among 16 major currencies tracked by Bloomberg.