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 Tarrif 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.
