Chetumal will be a “Free Zone” once again

President Andrés Manuel López Obrador signed this Friday, November 27th, a decree with which the southern border of the country will have a free zone similar to that of the northern border, in addition to Chetumal becoming a free zone (duty-free zone).

The measures involve tax benefits such as the reduction of income tax from 30 to 20%, and VAT (IVA) from 16 to 8%, as well as incentives to reduce gasoline prices through the IEPS, which will come into effect at the southern border on January 1st, 2021.

During the conference this Friday, it was reported that it will be possible to import products from countries with which there are no tax-free trade agreements in the capital of Quintana Roo.

These measures will be applied in the 22 border municipalities of the southern border and will reach Chetumal, which will have some additional exemptions, while in Mexicali the extension of benefits for four more years was signed this Friday by president Andres Manuel Lopez Obrador, Secretary of Economy, Graciela Márquez, state governor Carlos Joaquín, and Secretary of the Treasure, Arturo Herrera Gutiérrez.

“It gives certainty to investments because investors know that they will have the same measures for the next 4 years,” explained the Secretary of Economy, Graciela Márquez.

Chetumal ceased to be a free zone in 1992, and since then the import trade in the city declined, on which the Quintana Roo capital based its economy for many years.