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Mexico Publishes 2026 Revenue Law, Sets Borrowing Limits as Budget Debate Opens

The decree sets the fiscal baseline for 2026 as the lower house faces a Nov. 15 deadline on the spending plan.

Overview

  • The Revenue Law was published in the federal gazette and takes effect Jan. 1, projecting total income of 10.193 trillion pesos, including 5.892 trillion from tax collection.
  • Authorized borrowing for 2026 includes up to 1.7 trillion pesos in domestic debt and up to $15 billion in external financing.
  • Official assumptions underlying the package include GDP growth of 1.8%–2.8%, an average exchange rate of 19.3 pesos per dollar, oil output of 1.8 million barrels per day, and a Mexican crude price of $54.9 per barrel.
  • The accompanying tax package raises levies on sodas and other sugary beverages, oral rehydration drinks, and violent video games, with the Finance Ministry estimating roughly 42 billion pesos in additional revenue, according to media reports.
  • Coverage of the spending plan points to a near 10.2 trillion‑peso outlay with a 5.9% increase from 2025, reported cuts to autonomous bodies including the judiciary, INE and FGR, and pay adjustments for deputies, as the Chamber of Deputies reviews the budget ahead of the Nov. 15 vote.