Mexico's full Senate begins debating the 2027 revenue package on Tuesday, October 27. It projects revenue of 10.63 trillion pesos and a domestic borrowing ceiling of 1.7 trillion, after the joint Finance and Legislative Studies committees approved it by 18 votes to 11, according to [El Economista](https://www.eleconomista.com.mx/economia/senadores-aprueban-comisiones-paquete-ingresos-2027-deuda-1-7-bdp-20261021-839788.html) and the [Senate](https://comunicacionsocial.senado.gob.mx/informacion/comunicados/16603-aprueban-en-comisiones-la-ley-de-ingresos-para-2027). By law, the 2027 Federal Revenue Law (LIF) must be approved before October 30.
The package includes the LIF and changes to the Income Tax (ISR) Law and the Federal Duties Law. It has already been approved by the Chamber of Deputies. These are its figures, what changes for taxpayers and tourists, and the points the opposition questions.
The figures of the 2027 Revenue Law
| Item | Amount or assumption |
|---|---|
| Total projected revenue | 10.63 trillion pesos |
| Tax revenue | 6.26 trillion (3.9% more in real terms than approved for 2026) |
| Financing | 1.48 trillion |
| Domestic debt ceiling | 1.7 trillion pesos |
| External debt ceiling | 13.5 billion dollars |
| Assumed average exchange rate | 17.9 pesos per dollar |
| Assumed oil price | 61.8 dollars per barrel |
| Assumed economic growth | Between 1.5% and 2.5% |
Sources: N+ and El Economista, based on the report approved in committee on October 21. The chair of the Finance Committee, Senator Miguel Ángel Yunes (Morena), said the revenue will fund a budget "of the same size".
What the 2027 Revenue Law changes for taxpayers and tourists
| Change | Detail | What critics say |
|---|---|---|
| Non-resident fee (foreign tourists) | Rises from 983 to 1,158 pesos in 2027 | Could hurt tourism; the money would go to the Armed Forces rather than tourism promotion |
| Waiver of fines and surcharges | 100% waiver of fines, surcharges and collection costs on tax debts, with no income cap | The original bill had a 300 million peso cap and excluded large taxpayers; a Morena amendment in the lower house removed it |
| Deductions and tax losses (ISR) | Limited, not eliminated, to prevent evasion and avoidance | "It squeezes those who comply", says the opposition |
| Procedures before Cofepris | Higher fees for health regulatory procedures | Would affect people who use private healthcare |
Sources: El Economista and Vanguardia. Quotes translated from Spanish. PRI Senator Carolina Viggiano summed up the opposition's criticism: the package "squeezes those who comply, forgives those who owe, and borrows to pay interest". Yunes replied that the income tax changes do not eliminate deductions or losses but "only limit" them to strengthen controls.
Debt, at the center of the Revenue Law debate
Borrowing was the most debated point in committee. Senator Ricardo Anaya (PAN) argued that of the 1.7 trillion pesos of new debt, "the document itself" acknowledges that 1.6 trillion will go to interest on existing debt, and that the historical debt balance will exceed 55% of GDP (El Economista). Morena defended the financing as a boost to infrastructure, connectivity and energy (N+).
| Position | Main argument |
|---|---|
| Morena and allies | The package strengthens public finances, raises revenue without raising rates and makes compliance easier for small businesses |
| PAN | New debt goes almost entirely to interest; a level of 60% of GDP would put the investment grade at risk |
| PRI | It punishes compliant taxpayers and forgives debtors |
| Movimiento Ciudadano | A progressive tax reform that charges more to those who earn more is missing |
Sources: El Economista, El Universal and N+. The warnings about the investment grade are Senator Anaya's position, not an official projection. Mexico's rating was already cut this year by one agency (see HR Ratings cuts Mexico's rating), and the region's debt is compared in our ranking of public debt in Latin America.
The timeline of the 2027 economic package
| Step | Date |
|---|---|
| Approval by Senate committees | October 21, 2026 (18 votes to 11) |
| First reading in the full Senate | Waived; debate begins Tuesday, October 27 |
| Deadline to approve the Revenue Law | Before October 30 |
| Deadline to approve the Expenditure Budget (Chamber of Deputies only) | No later than November 15 |
Sources: El Universal, El Economista and article 74 of the Constitution. Morena and its allies hold majorities in both chambers, so the package is expected to pass without major changes. The 17.9-peso dollar assumption can be compared with the current exchange rate in why the Mexican peso is falling, and the growth assumption with the latest Inegi data in Mexico's economy in August.
Frequently asked questions
How much revenue does the 2027 Revenue Law project?
10.63 trillion pesos, of which 6.26 trillion would come from taxes.
How much debt does it authorize?
Up to 1.7 trillion pesos of domestic debt and 13.5 billion dollars of external debt.
How much will foreign tourists pay?
The non-resident fee rises from 983 to 1,158 pesos in 2027.
When does the Senate vote?
The full Senate begins debating on Tuesday, October 27; the Revenue Law must be approved before October 30.
What exchange rate does the package assume?
An average of 17.9 pesos per dollar and oil at 61.8 dollars per barrel.
