The law contains new tariffs, taxes, and provisions on Mexico’s Commercial Identification Numbers (NICO) and Harmonized Tariff Schedule (HS Codes).
The Commercial Identification Number (NICO) is a new project of the General Import and Export Duty Law (LIGIE) as part of the modernization of the Mexican Customs Tariff Rate. Which consists of a fifth pair of digits in addition to the eight that conforms to the Mexican Customs Tariff rate.
On June 7, 2022 the Mexican Ministry of Economy published the updated import/ export general tax law. The updated law contains new tariffs, taxes, and provisions on Mexico’s Commercial Identification Numbers (NICO) as well as the Harmonized Tariff Schedule (HS Codes). The updated law comes on the heels of the Seventh Amendment of the Harmonized System directed by the World Customs Organization (WCO) to their members. The changes include international product codes for global trade.
U.S. based exporters and Mexican based importers are responsible for updating their necessary documentation and using the correct HS codes. HS codes establish tariff classification of goods, thus it is critical that U.S. exporters be aware of the HS codes they use when shipping goods to Mexico. About 350 changes were made to the updated law. Some types of goods will receive new HS codes, some definitions were improved, and some codes were removed for products considered obsolete.
U.S. exporters are advised to contact their clients and partners in Mexico to be informed of the process changes and updated HS code system. Being updated on the changes will help avoid mistakes and delays at Mexican ports of entry.
Using obsolete and incorrect HS codes can cause unnecessary complications in cross-border sales. Ventus Global Logistics helps companies navigate the complex import and export laws of the United States and Mexico. Avoid costly delays in cross-border trade at US/ Mexico ports of entry with Ventus as your logistics partner. Contact us today to discover how Ventus will help your company streamline its cross-border trade.
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For more information, please visit the Diario Oficial de La Federación.
For more information on the Harmonized Tariff Schedule changes, please visit the Diario Oficial de La Federación list of Harmonized Tariff Schedule changes.
