Mexico's tax collection reached 1.0218 trillion pesos in the first two months of 2026, up 2.6% in real terms from 2025 and above target. However, physical investment plunged 44.9%, the largest drop in 36 years. The Secretariat of Finance reported these figures in its recent update.
The Secretariat of Finance and Public Credit (SHCP) reported that tax revenues for the first two months of 2026 totaled 1.0218 trillion pesos, a real increase of 2.6% year-over-year and exceeding the budget by 24.2 billion pesos. This outcome is attributed to anti-smuggling efforts and digital tools in oversight, per the report.
ISR grew 4.9% in real terms, surpassing targets by 33.1 billion pesos, while IEPS rose 14.2%, driven by gasoline and diesel (+16.6%) and others like tobacco and sugary drinks (+11.3%). Conversely, VAT dropped 8.8% in real terms, missing the target by 9.1 billion pesos due to the peso's 14% appreciation.
Net total spending reached 1.5192 trillion pesos, up 2.5% from 2025 but with an underspend of 219.7 billion pesos. Programmable spending fell 0.1% in real terms and was 210.8 billion below plan.
Physical investment, vital for infrastructure, stood at just 87.1 billion pesos, down 44.9% in real terms from the prior year—the sharpest drop since 1990. February saw a 53.8% decline, with energy down 75.3% and communications/transport 65.7%. Pemex's investment fell 78% to 21 billion pesos.
