According to a report by Mexico’s “Financier” on December 4, Mexico’s Ministry of Finance and Ministry of Economy announced on the 3rd that in order to promote the development of the country’s textile and garment industries, 13 measures will be taken, including fiscal and taxation, customs duties, and financial support. etc. content.
The measures related to tariffs and customs are mainly aimed at cracking down on under-price reporting, low-price dumping, smuggling and other behaviors of imported products. According to the new regulations, companies need to register within the industry department to control the behavior of importers. By 2018, Mexico will limit the textile tax reduction process. For textiles with 80 tax numbers from countries that have not signed a free trade agreement, the import tariff will be fixed at 25% and will no longer be reduced to 20%. Starting from 2015, a valuation list of imported textile raw materials and spare parts will be developed. When companies import textiles, they must report to the authorities at least 5 days in advance. When reporting, they must submit documents such as invoices, supplier origins, products, and transportation insurance. The State Administration of Taxation will establish a “continuous supervision” system and will continue to inspect import companies that have bad records such as unfair competition or illegal imports.
