Background on the Increase in Import Taxes
In July, the Mexican federal government announced an increase in the global tax rate on imports from countries not part of the T-MEC (Mexico, United States, and Canada Trade Agreement), such as China, Europe, North Korea, among others. The global tax rate rose from 19% to 33.5%.
IMCP’s Perspective on the Impact
Héctor Amaya Estrella, President of the Instituto Mexicano de Contadores Públicos (IMCP), believes that this tax increase will create a “positive impact” for Mexican businesses, particularly small and medium-sized enterprises (SMEs).
- Price Increase and Consumer Behavior: Amaya Estrella expects that the price hike will make imported products less attractive to Mexican consumers. This shift could open opportunities for domestic businesses.
- Strategic Advantages for Mexican Businesses: He suggests that Mexican companies could adopt strategies similar to those used by foreign competitors, such as optimizing delivery points and offering secure bank card payments. These improvements could benefit both the economy and national markets.
Reasons Behind the Tax Increase
The IMCP supports this tax increase as a measure to “strengthen fiscal and customs control” on imported goods. This decision comes after detecting irregular practices by some courier and parcel companies aiming to reduce or avoid paying the import tax.
Expected Outcomes
Experts anticipate that the increased tax rate will accelerate revenue collection from import duties.
Key Questions and Answers
- What is the main reason for the tax increase? The primary objective is to enhance fiscal and customs control over imported goods.
- Who is Héctor Amaya Estrella, and why is he relevant? He is the President of the Instituto Mexicano de Contadores Públicos (IMCP), a professional accounting organization in Mexico. His opinion is significant because it reflects the potential impact on Mexican businesses.
- What strategies could benefit Mexican businesses following this tax increase? Amaya Estrella suggests that domestic companies could adopt strategies like optimizing delivery points and offering secure bank card payments, which could give them a competitive edge.
