Mexico’s Tax Revenue Grows 9.9%, Best Growth in a Decade

Mexico’s tax authority (SAT) reported tax revenues of MX$2.017 trillion from January to April 2025, reflecting a real increase of 9.9% compared to the same period last year. This marks the highest growth for this period in the past decade, according to data from the Ministry of Finance and Public Credit (SHCP).

The reported revenue exceeded the projection in the 2025 Federal Revenue Law (LIF), which estimated MX$1.9 trillion for the first four months. The MX$79.7 billion surplus represents 104.1% compliance with the government’s forecast.

The SAT attributed the increase to higher collections from income tax (ISR), value-added tax (IVA), and the special tax on production and services (IEPS). ISR revenue reached MX$1.1 trillion, up MX$136.9 billion year-over-year, representing a real growth rate of 9.1%. IVA collections totaled MX$537.3 billion, a rise of MX$82.8 billion, reflecting 13.9% real growth. IEPS contributed MX$217.5 billion, MX$9 billion more than the same period in 2024.

Domingo Ruiz López, president of the Fiscal Commission, Coparmex, suggested that the increase in tax revenue stems from stricter enforcement rather than economic expansion, as GDP growth has remained stagnant. He highlighted the SAT’s use of artificial intelligence in tax oversight as a significant factor.

A report from think tank México Evalúa supported this view, noting that the surge in tax revenue helped offset a 30.3% decline in oil revenue, attributed to the lowest crude production levels since 1990.

On the trade front, customs activity also contributed to the higher tax intake. Sergio Islas, CEO, SIEM Business, reported significant growth in customs operations in Nuevo Laredo, Tijuana, and Ciudad Juarez, with a 61.1% increase in 2024. He also noted an uptick in early import activity in 2025, driven by concerns over potential tariffs.