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Official decree designates Chetumal as merchant free zone

Chetumal, Q.R. — The government of Quintana Roo officially presented the decree to promote the Chetumal free zone before merchants, businessmen and investors during a work meeting Monday.

The meeting took place at the headquarters of the National Chamber of Commerce (CANACO) of Chetumal.

State legal counsel Carlos Felipe Fuentes del Río explained the fiscal incentives offered by the decree include 100 percent in VAT, ISR and Customs Taxes related to the importation of goods and products for those who do not exceed annual income of 5 million pesos. For legal entities, the limit will be 50 million pesos in annual income, he added.

During the Q&A session for area businessmen, Governor Mara Lezama confirmed follow-up meetings for the promotion of the free zone to move forward in parallel with implementation.

The Governor insisted that this Free Zone Decree, while its title mentions Chetumal, its scope of application is throughout the municipality which will allow Chetumal to return to the dynamism that it once had in terms of import trade.

“I am sure that the best times are coming for our beloved capital Chetumal and for the municipality of Othón P. Blanco if we envision that not only will it be possible to reactivate, energize and detonate the local economy, attracting new investments, modernizing the infrastructure, creating and strengthening jobs.

“But there is the potential to convert the free zone into a pole of commercial, industrial and tourist development for the south-southeast of our country, taking advantage of our strategic geographical location with the participation of all of you.

“They are and will continue to be the pillar of economic development for our beloved capital,” she said.

Authorities pointed out that the potential market includes the more than 316,000 area residents of the southern zone along with the 605,000 annual Belize visitors.

Tax incentives are now part of the Chetumal merchant free zone initiative. Photo: CGC April 30, 2024.

The potential market also includes residents of Campeche, Chiapas, Tabasco, Veracruz and Yucatán who may be attracted by the price and quality of the products, as well as the thousands national tourists who travel by land in private vehicles through the Escárcega Chetumal-Cancún and Escárcega Mérida-Cancún highways.

The potential market is also expected to include Tren Maya travelers once the last sections in the southern zone are finished.