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Temporary amendments to Mexican tariffs

13 September 2023

On August 15, 2023, the Mexican Executive Branch temporarily amended, pursuant to Article 131 of the Mexican Constitution, several applicable tariffs to products set forth in the Tariff of the Law of General Import and Export Taxes dated June 7, 2022. The temporary increases could increase from 5% up to 25% in import tariffs for 392 products

The temporary tariff increases referred to in this legal alert will be effective as of August 16, 2023, through August 31, 2025, in order to generate stability in the domestic industry and safeguard the balance derived from the slowdown in economic growth caused by the SARS-CoV-2 (Covid-19) pandemic.

Some of the products affected by the tariffs amendments herein, are the following:

  • Steel
  • Aluminum
  • Bamboo
  • Rubber
  • Chemical products
  • Diamonds
  • Paper
  • Oils
  • Cardboard

Finally, the Mexican Executive Branch justifies this measure adopted since the increase in tariffs will help all sectors of the country to face the vulnerable situation in which they find themselves, promote development and support the country’s domestic market.

In light of the above, in Bravo Abogados we would be happy to answer any question you may have regarding this legal alert.

52-81-24748538 
www.j-bravo.com
Blvd. Antonio L. Rodríguez 3000, Colonia Santa María, 5to piso, Interior 501 Torre Albia, C.P. 64650 Mty, N.L., México T.

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