The City of Chetumal has now officially been declared a free zone. Much like the Corozal Free Zone, this means that there is an exemption from the general tax on imports and an exemption from the customs processing fee. This decision was made with an aim to reboot the economy which has been severely impacted by the COVID-19 pandemic. The new tariff agreement outlines a reduction of the Value-Added Tax (VAT) from sixteen percent to eight percent while income tax has been reduced from thirty percent to twenty percent.
Source: lovefm.com
