Accumulation factor 2025 drops significantly: key considerations for tax decision making
The Tax Administration Service (SAT) has announced the accumulation factor applicable for the 2025 fiscal year, which amounts to 0.0484, as established in Rule 3.16.11 of the Miscellaneous Tax Resolution, and which came into effect on 24 February 2026.
This factor represents a significant decrease compared with the previous year (0.1368), which could considerably affect the tax outcome for individuals with investments abroad.
In accordance with Article 239 of the Regulations to the Income Tax Law, taxpayers may choose to either:
- Determine taxable income based on real interest and accrued foreign exchange gain (Article 143 of the Income Tax Law), or
- Apply the accumulation factor to the amount of the investment at the beginning of the fiscal year.
More than a simplification measure, a tax decision
Although the accumulation factor is often perceived as a simplification option, in practice its application may generate significant differences when compared to the real method.
The reduction of the factor for 2025 may make it more attractive in certain cases; however, it will not necessarily be the optimal choice for all taxpayers, especially when:
- There are high returns in foreign currency
- Significant exchange rate fluctuations are recorded
- Detailed information on real income is available
What changes this year?
The new factor not only simplifies the calculation, but may also represent an opportunity for tax efficiency or, alternatively, a risk if applied without prior analysis.
Recommendation
Given the significant change in the factor, it is advisable to reassess the alternative to be used for the 2025 fiscal year, considering the specific characteristics of each investment.
At Forvis Mazars, we support our clients in analysing these options, ensuring not only compliance but also informed and efficient tax decision‑making.
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