On December 19, 2024, the Ministry of Economy published in the Evening Edition of the Federal Official Gazette a Decree amending the tariffs of the General Import and Export Tax Law and the Decree for the Promotion of the Manufacturing, Maquiladora and Export Services Industry (the “Decree”). By means of the Decree, the Mexican government amends the Tariff of the Law of General Import and Export Taxes (“TIGIE”) and the Decree for the Promotion of…
As a result of the statement on migration, fentanyl and tariffs published by President Elect Donald Trump on November 25, 2024, Mexican President, Claudia Sheinbaum sent a letter to Mr. Trump expressing her concerns and the need to maintain the commercial partnership between the two countries. The letter was read by Mrs. Sheinbaum during her morning press conference of November 26, 2024 and was sent to Mr. Trump on that same day. A link to the…
Published by Mexico’s tax administration service on 14 October 2024 On 14 October 2024, the 2nd Resolution of Amendments to the Foreign Trade General Rules (FTGR) for 2024 and Annexes 1, 2, 5 and 24 were published in the evening edition of the Federal Official Gazette. The resolution became effective on 15 October 2024; while Annex 24 provisions will become effective on 14 November 2024; and amendments to legal forms related to import operations by…
For the third week, we continued our Annual Compliance Conference with key customs developments impacting on businesses today. Specifically, we discussed the reform of the Union Customs Code in the EU, key trending customs developments in EMEA, and different methods of driving significant financial savings in global supply chains. EU customs reform: biggest overhaul since 1968 Tuesday 14 May SPEAKERS: Nicole Looks (Partner, Amsterdam), Thomas Kukanza (Senior Trade Advisor, Brussels), Sylvain Guelton (Senior Associate, Brussels),…
We are excited to launch Nearshoring Quick Chats, a collection of short conversations to guide you through the opportunities and challenges of nearshoring in Mexico. Our lawyers will discuss the main implications and challenges in the legal sphere around this trend, brought around by the ongoing geopolitical events. Many of our clients look to expand or move supply chain operations to more economical jurisdictions (while staying close to critical markets). For companies that focus on…
El pasado 22 de abril de 2024, la Secretaría de Economía publicó en el Diario Oficial de la Federación el Decreto por el que modifica la Tarifa de la Ley de los Impuestos Generales de Importación y de Exportación (TIGIE) aumentando el impuesto general de importación aplicable a 544 fracciones arancelarias de la TIGIE. Los aranceles temporales estarán vigentes del 23 de abril de 2024 al 23 de abril de 2026. https://www.dof.gob.mx/nota_to_doc.php?codnota=5724206 Mediante el referido…
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…
Mexico is in the international spotlight as a prime nearshoring destination. With record-breaking 2023 investment and trade numbers, and an upcoming presidential election, 2024 will be a defining year for Mexico leveraging their nearshoring opportunity. In this pivotal year, we invite you to attend the flagship conference hosted by Baker McKenzie and the Atlantic Council in Mexico City to analyze how the future administration can leverage the nearshoring trend for the prosperity of Mexicans. Date…
On August 15, 2023, the President of Mexico, Andres Manuel Lopez Obrador, published a Decree amending the Tariff Schedule of the General Import and Export Duties Law. The decree focuses on the implementation of temporary import duties ranging between 5% and 25% on goods classified in 392 tariff items covering steel, aluminum, bamboo, rubber, chemical products, oils, soap, paper, cardboard, ceramic products, glass, electrical material, musical instruments and furniture. These temporary duties are applicable as…
In recent years, we have seen a significant increase in Custom Audits by both Federal and State Tax Authorities, mainly to companies with foreign investment. We have seen Maquiladoras/IMMEX that were audited and received tax assessments in high amounts, including one for USD 70 million and one for USD 172 million dollars. What is the reason for these outstanding amounts and how can Maquiladora/IMMEX companies prevent these tax contingencies derived from these foreign trade audits?…