On April 22, 2024, the Ministry of Economy published in the Federal Official Gazette an amendment to the Tariff Schedule of the General Import and Export Duties Law (“TIGIE” for its acronym in Spanish) increasing the duty rate applicable to 544 tariff items of the TIGIE.
By means of this decree, the Mexican government imposed temporary duties, ranging between 5% and 50%, to different tariff items covering steel, aluminum, textiles, clothing, footwear, wood, plastic and their manufactures, chemical products, paper and cardboard, ceramic products, glass and its manufactures, electrical equipment, transportation equipment, musical instruments, furniture, among other products.
The temporary duties will remain in place as of April 23, 2024 and up to April 23, 2026.
The decree also adds certain tariff items into Sectoral Promotion Program (“PROSEC”) to avoid impacting manufacturing activities of certain industrial sectors.
Bear in mind that this increase of duties only affects goods originating in countries with which Mexico does not have a Free Trade Agreement. Preferential duties granted under such international treaties will not be affected by this decree.
If you have any questions or comments regarding the implementation of this increase of import duties, please contact any of the member of our International Commercial and Trade Practice.
