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CHETUMAL BECOMES A TAX-FREE ZONE

Posted by AmorTulum on 10 de May de 2024
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In a move that promises to revitalize commercial and economic activity in Chetumal, Quintana Roo, President Andrés Manuel López Obrador announced in his morning conference that the city will enjoy special status as a tax-free zone.

“From now on, Chetumal will benefit from being a free zone, allowing residents and visitors to purchase products from all over the world at considerably reduced prices, as was the case in the past,” said the governor.

The historic commercial importance of Chetumal was underscored by López Obrador, who recalled how the place served as a shopping point for people from all over southeastern Mexico.

Definition of Free Zone

A free zone is characterized by being exempt from traditional customs duties. In the Mexican context, this implies:

  • A special regulation in terms of taxation, customs and foreign trade.
  • Simplified procedures for the trade of goods and services, thus promoting their sale.
  • Incentives to promote job creation and investments that contribute to local economic growth and infrastructure development.

Benefits for Chetumal

The recent Decree published in the Official Journal of the Federation not only renews but also expands the fiscal incentives for Chetumal, including the creation of the Tianguis del Bienestar Yum Kaax, a market where merchants will be able to sell imported merchandise without tariffs.

The tax benefits will apply throughout the city, highlighting a total discount on the general import tax for products entering the municipality of Othón P. Blanco.

Unlike similar measures adopted previously, such as the 2020 decree, this decree specifies the creation of physical spaces for the delivery of these benefits and extends its validity until 2030, eliminating the need for annual renewals.

Finally, the decree authorizes the Tax Administration System (SAT) to issue the necessary rules for the implementation of these benefits, which will remain active until September 30, 2030.

This initiative promises to transform Chetumal into a vibrant epicenter of commerce and development, benefiting residents and visitors alike. In addition, this special status is expected to attract investment and stimulate the local economy, positively impacting the region’s growth and development. Undoubtedly, this measure is another example of the government’s commitment to promote the well-being and progress of all regions of Mexico. In summary, the transformation of Chetumal into a tax-free zone is excellent news for its population and an opportunity to boost its economic and social development. Long live Chetumal!

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