Posted: Tuesday, March 9, 2021. 9:01 am CST.
By BBN Staff: Local businesses in Chetumal are concerned about the Free Trade Zone in Chetumal, Mexico.
BNAmericas reports that just 2 months after the launch of the free trade zone, local businesses have expressed concern that only about 10% of businesses are able to benefit.
The businesses operating in the zone will receive tax breaks and pay lower customs.
Mexican President, Andres Manuel Lopez Obrador, created the zone and tax program for 22 communities in Quintana Roo, Campeche, Tabasco and Chiapas via decree in November.
In Chetumal, businesses would be exempt from import and customs taxes.
In addition, the group Coparmex in Chetumal shared that only retail chains and convenience stores may benefit.
But, the presidential decree listed that companies in the manufacturing industry, agricultural collectives, and more are eligible.
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