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Chetumal to have free zone as of January

Chetumal, Q.R. — After two years of work, Governor Carlos Joaquín has announced the city of Chetumal will have a free zone. This means the exemption from the general tax on imports and the exemption from the customs processing fee.

Joaquin says that as of January 1, 2021, Chetumal will finally have a free zone, which will allow a reactivation of the economy for the southern part of the state and an advance in closing the inequality gaps in relation to the north zone.

On November 27, the Decree of Fiscal Incentives in the Southern Border, the Decree of Incentives of the IEPS of Gasoline in the Southern Border and the decree that establishes tariff benefits in the free zone of Chetumal, were signed.

These decrees will come into force January 1, 2021 and include the general tax exemption on imports and an exemption from the customs processing fee, making Chetumal a free zone. It also includes the reduction of VAT from 16 to eight percent and the reduction of income tax from 30 to 20 percent.