Overview

• Finance Secretary Édgar Amador said Mexico has moved to a sustained consolidation and projected RFSP at 4.1% of GDP in 2026, down from 4.3% in 2025.
• The package avoids a sweeping fiscal reform and instead proposes a Miscelánea Fiscal that updates so‑called healthy taxes and adds an 8% IEPS on violent video games, alongside trade measures.
• Hacienda urged Congress to prioritize enforcement, advancing reforms to the Fiscal Code and Customs Law to tackle evasion and shut down factureras, with 11,028 entities on the blacklist as of August.
• The government expects MXN 5.8 trillion in tax revenue in 2026, a 6.5% increase supported by stronger import-related receipts after a reported 62% annual rise.
• Fitch Ratings cautioned that weak economic growth makes consolidation harder, a view consistent with its BBB- sovereign rating with a stable outlook.