President Felipe Calderón of Mexico has scored an important victory following congressional approval of a tax reform that aims to put the country’s finances on a firmer footing in the coming years.

The changes, which were passed late Wednesday by the lower house of Congress and are the first significant fiscal reform in a decade, are expected to raise government income over the next five years by at least 2 per cent of gross domestic product and possibly by as much as 3 per cent.