**Senate Approves Federal Revenue Law for 2025 Without Changes**
On December 3, 2024, the Senate approved the 2025 Federal Revenue Law with 84 votes in favor and 36 against. This law outlines total revenues of 9.3 trillion pesos and sets the federal government’s debt ceiling at 1.5 trillion pesos. It received backing from Morena, the Ecologist Green Party, the Labor Party, and the Citizens’ Movement, while the National Action Party and the Institutional Revolutionary Party opposed it.
After over five hours of debate, the bill was passed without amendments, maintaining existing tax rates and not introducing new taxes. The government expects to generate a total revenue of 9 trillion 302 billion 015.8 million pesos. The economic growth forecast ranges between 2.0 and 3.0 percent, with the peso projected at 18.5 to the dollar, and oil prices at $57.8 per barrel. The law was sent to the Executive Branch for promulgation and publication in the Official Journal.
Cuauhtémoc Ochoa Fernández, Senate Finance and Public Credit Committee President, emphasized that this revenue law aligns with a governance approach that prioritizes equitable, sustainable, and fair economic growth. He assured that social programs would continue without new taxes in real terms.
The revenue law projects a total income of 9.3 trillion pesos, with budgetary revenues amounting to 8 trillion 55 thousand 649.3 million pesos—a 5.4% real terms increase from 2024. Taxes are expected to contribute 5 trillion 297 billion pesos. The federal deficit is anticipated to decrease by two percentage points of GDP compared to 2024. PEMEX’s internal debt is projected at 143 billion 403 million pesos, while external debt is 5 billion 512.7 million dollars. The federal government is authorized for a net external borrowing limit of up to 15 billion 500 million dollars.
Ricardo Anaya Cortés criticized the debt level as “irresponsible,” cautioning that interest payments alone could reach 1.4 trillion pesos by 2025. He condemned continued financing to PEMEX and labeled the 130 billion pesos allocated to the Dos Bocas refinery as extravagant, pointing out healthcare budget cuts.
**Secondary Article: Recent Developments on the 2025 Federal Revenue Law**
The approval of the 2025 Federal Revenue Law by the Senate marks a significant milestone as Mexico defines its economic path for the coming year. The legislation, having cleared the legislative process, now awaits presidential assent. Analysts are closely monitoring potential implications for economic growth and public sector projects.
The projected economic growth rates indicate cautious optimism amid global economic uncertainties. Mexico’s financial planning emphasizes fiscal responsibility while aiming to maintain social welfare programs. Economists note the absence of new taxes as a favorable move to stimulate economic activity.
Meanwhile, debates persist regarding public spending efficiency and the effectiveness of state-owned enterprises like PEMEX. The government’s strategy to manage national debt and finance public works, such as infrastructure projects, remains under scrutiny.
Stakeholders, including business leaders and social organizations, continue to engage with policymakers to ensure sustainable economic progress and social equity as the new fiscal measures are implemented.