MEXICO

On December 9, the plenary of the Chamber of Deputies approved with 438 votes in favor, 5 against and 1 abstention, the bill that seeks to issue a new Import and Export Tax Law. The text seeks to comply with the best international practices regarding the tariff designation of goods subject to foreign trade processes in the country. The text was sent to the Senate to continue its debate. However, given that Congress entered into its legislative recess, it won’t be treated until February 1. 

During the debate, the deputy who presented the bill, Carlos Noriega (MORENA-ruling party) emphasized that this regulation will make foreign trade processes more efficient by making it easier for companies and the public sector to use the same tariff terms. In this sense, he highlighted the relevance of this type of trade, which represents 20% of the revenue collected by the Tax Administration Service (SAT in Spanish).

It should be recalled that the initiative seeks to implement the “Seventh Recommendation of Amendment to the texts of the Harmonized Commodity Description and Coding System Nomenclature”, approved by the Customs Cooperation Council of the World Customs Organization (WCO) in 2019. Also, the approved text includes the modification incorporated yesterday in the Committee on Economy through which its provisions will enter into force on June 1, 2022.