Mexico will soon update the Harmonized Tariff System (HTS) with the aim to implement the Sixth Amendment to the Harmonized System as a result of Mexico’s commitment as a member of the World Customs Organization. This change to the Harmonized System seeks, in general terms, to adjust the international nomenclature according to the actual trade flows.
Like all other 153 contracting parties to the International Convention on the Harmonized Commodity Description and Coding System, Mexico shall implement the Sixth Amendment to the Harmonized System in 2017. The said amendment refers to the following sectors: fishing, forestry, anti-malaria, chemicals, ceramics, technology, among others.
In addition, the Ministry of Economy will also carry out a holistic review of its current HTS. Consequently, the Ministry of Economy plans to eliminate tariffs with low trade flows as well as to create and unfold tariffs for statistical purposes (10 digits instead of 8).
Given the above, the Ministry of Economy has opened Public Consultations to generate a “new” HTS, providing the opportunity to receive comments from all other sectors that were not included in the Sixth Amendment.
Public Consultations will conclude in February 10, 2017, and Vázquez Tercero & Zepeda is available to advise and assist companies that are interested in this matter. For further information in how we can assist your company, please feel free to contact Ms. Verónica Vázquez (email@example.com ).