VATupdate

Indirect tax- Mexico to Implement Sectorial Importer’s Registry for Textile Importers in 2015

On December 3, 2014, the Mexican Ministry of Finance and Public Credit announced the implementation of the Sectory Importer’s Registry in which all companies that import clothing and fiber into Mexico must be registered.  The action comes into force on January 1, 2015, and additionally:

  • Requires importers to to send notifications with the details of products to be imported five days before the import operation takes place
  • Implements a system of “estimated prices” for raw materials and confections to avoid the undervaluation of goods
  • Suspends customs benefits to 80 textile and apparel tariff codes until 2018


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