April 24, 2024

Import Duties of 544 HTS Codes Are Temporarily Modified in Mexico

Holland & Knight Alerts
Turenna Ramirez Ortiz | Uriel Martinez | Cinthia Yohaina Hernández

The "Decree amending the Tariff of the Law on General Import and Export Taxes" was published on April 22, 2024, by Mexico's Ministry of Economy in the Official Gazette of the Federation.

The following points from this decree should be highlighted:

  • Import tariffs on 544 Harmonized Tariff Schedule (HTS) codes are temporarily increased.
  • The temporary import duties imposed by this decree range from five percent up to 50 percent.
  • The main products affected by this decree are steel, aluminum, textiles, clothing, footwear, wood, plastic and its manufactures, chemical products, paper and cardboard, ceramic products, glass and its manufactures, electrical material, transport material, musical instruments and furniture, among others.
  • The import duties will be valid for two years, in this case from April 23, 2024 to April 22, 2026.

It is important to mention that the decree justifies the increase on the import duties for different reasons, among them is the impact on the production chains of the products subject to the modification, a situation that has affected the growth of the Mexican economy.

As a result, importers planning to import into Mexico the goods subject to the decree will have to take these new temporary import duties into consideration.

For more information regarding this new decree, please contact the members of Holland & Knight's International Trade Team, who will be able to guide you with the tariff classification of your product, confirm if it falls within the assumptions of this decree and guide you in all matters of foreign trade issues and other related topics.

Information contained in this alert is for the general education and knowledge of our readers. It is not designed to be, and should not be used as, the sole source of information when analyzing and resolving a legal problem, and it should not be substituted for legal advice, which relies on a specific factual analysis. Moreover, the laws of each jurisdiction are different and are constantly changing. This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. If you have specific questions regarding a particular fact situation, we urge you to consult the authors of this publication, your Holland & Knight representative or other competent legal counsel.

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