Overview
- Mexico’s federal revenues reached 5.53 trillion pesos from January to November, up 5.9% in real terms, with tax receipts at a record 4.91 trillion pesos, a 4.6% real increase.
- The January–November result met 102.3% of the amount programmed in Mexico’s 2025 revenue law for the period, according to the tax authority SAT.
- Key Mexican tax components: ISR totaled 2.65 trillion pesos (+5.1% real), IVA about 1.37 trillion (+1.4% real), and IEPS 617.8 billion (+4.4% real).
- Despite 2025 gains, Mexico’s tax-to-GDP ratio remained among the OECD’s lowest at about 18.3% in 2024 versus a 34.1% OECD average, underscoring structural limits.
- Peru’s SUNAT reported S/159,496 million in tax revenue for January–November, up 11.5% year over year, and it expects to reach the MEF’s 2025 target of S/173,377 million, helped by enforcement and measures such as IGV on digital services and taxes on remote gambling.