Savings at risk: Millions of people would be affected by tax adjustments

MEXICO CITY (El Universal).— The Mexican Institute of Finance Executives (IMEF) warned that the proposal to increase the savings tax from 0.5% to 0.9%, included in the 2026 Economic Package, could affect 48 million people in Mexico.

The organization's president, Gabriela Gutiérrez Mora, explained that although the proposed Revenue Law establishes that the measure would be temporary, it does not apply equally to all taxpayers.

He indicated that there are large segments of the population that do not file tax returns each year, so they would not be able to credit the tax withheld from their savings.

According to calculations by the Mexican Imef (Mexican Economic Institute), there are 33 million workers in the informal economy who do not file taxes.

Added to this group are nearly 15 million people whose income does not exceed 400,000 pesos per year and, by law, do not file tax returns. Consequently, the president of the organization indicated that up to 48 million potential savers could be affected by the adjustment to the withholding rate.

Gutiérrez Mora emphasized that the increase not only reduces the returns for savers, but also limits the possibility of strengthening confidence in the financial system.

The president of the IMEF Economic Studies Committee, Víctor Manuel Herrera, also added that the withholding would be based on the amount of savings and that, for those who do not file a tax return, the impact would translate into a practically double increase.

Herrera warned that this measure will discourage savings, as it will represent a direct reduction of approximately 1% in the resources saved by millions of people.

For his part, Roberto Arechederra Pacheco, chair of the IMEF 2025 panel, indicated that the 2026 fiscal package will have direct and indirect impacts on financial inclusion in a country with low banking penetration and high cash use.

"It does not contribute to financial inclusion, it will make savings unattractive, and it will undermine confidence in the banking system," he stressed.

The organization also expressed its rejection of the proposal to eliminate the deductibility of fees that banks pay to the Institute for the Protection of Bank Savings (IPAB).

Pedro Aguilar Domínguez, president of the National Technical Committee for Fiscal Studies at the Mexican Institute of Finance (IMEF), noted that even investors in the CETES Directo platform will be affected by the increased income tax withholding.

She added that this includes eliminating the tax treatment for deducting bad debts, which, in the organization's president's opinion, could limit the provision of financing, especially for small and medium-sized businesses.

"If the authorities believe there has been abuse in the deduction of bad debts, they can strengthen their regulation and supervision," Gutiérrez Mora said.

When announcing the initiative a few days ago, the Ministry of Finance and Public Credit (SHCP) denied that it would increase the tax burden on savers.

The agency noted that the withholding adjustment is a mechanism to facilitate tax compliance through partial payments and does not increase pressure when filing the annual return.

He specified that small savers with balances under 206,000 pesos will remain exempt, and those with annual incomes under 400,000 pesos will retain the option of not filing.

In addition, deductions for medical expenses, education expenses, mortgage interest, and retirement contributions remain in effect, allowing taxpayers to access credit balances and refunds.

In a statement, the Treasury Department explained that under the current system, a taxpayer with 500,000 pesos in savings pays income tax of 4,737 pesos, but with partial withholdings, they only cover half of that amount during the year.

With the new rate, he added, that same taxpayer would pay exactly the same taxes, but with an advance withholding that would reduce their final tax return payment to just 237 pesos, equivalent to 5% of the total.

IMEF: Strong impact on savings

The agency warns that higher withholdings will affect taxpayers who do not file an annual return.

Potential impact

The Mexican Institute of Finance Executives estimates that up to 48 million people, including informal workers and salaried employees who do not file tax returns, would see their savings reduced by not being able to credit the withheld tax.

Financial inclusion

They noted that the measure could discourage use of the banking system. In a country with low banking access and high cash use, confidence in the financial system could be damaged.