Mexico’s Public Revenues Grow 4.6% in 2025 Without New Taxes

Mexico’s Ministry of Finance and Public Credit (SHCP) announced a real 4.6% increase in public revenues for fiscal year 2025 without introducing new taxes or modifying ISR or VAT regulations.

Finance Minister Edgar Amador Zamora reported that tax revenues totaled MX$5.3 trillion, while non-tax revenues reached MX$654.2 billion, an increase of MX$470.5 billion compared to 2024. “This is the strongest performance in public income as of September, with about MX$200 billion coming from better customs collection, thanks to stricter controls and anti-smuggling measures,” said Amador Zamora during President Claudia Sheinbaum’s morning briefing.

He added that 77.8% of the annual target set in the Federal Revenue Law had been met by September, emphasizing that the progress came from greater collection efficiency and fiscal oversight rather than rate changes. 

SAT Head Antonio Martínez Dagnino noted that SAT has tightened procedures to prevent fake company registrations through enhanced address verification and stricter digital signature controls. The authority also plans to reform the Federal Fiscal Code to speed up legal action against companies issuing false invoices, including a 24-day fast-track process, immediate digital seal cancellation, and restrictions on individuals involved in tax fraud from registering new businesses. “These reforms aim to ensure fair tax compliance and hold accountable those who harm public finances,” he said.

Looking ahead, Zamora projected total revenues of MX$8.7 billion for 2026, equivalent to a real increase of 1.5% of GDP, supported by a 7.8% rise in tax income. Deputy Minister of Revenues Carlos Lerma said the new fiscal plan is “rooted in Mexican humanism,” focused on preventing evasion and smuggling while supporting the Plan Mexico and import substitution strategy. The plan includes incentives for capital repatriation, investment in technology and equipment, and additional deductions for training programs.