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Ministry of Economy supported with US $ 61.1 million through eighth rule

The Mexican Ministry of Economy facilitated the importation of paints and pigments through Rule Eight in the second half of 2020.

During that period, and with the objective of promoting the competitiveness of the chemical industry and the manufacture of rubber and plastic, the Ministry of the Economy supported the amount of 61.6 million dollars through the Eighth Rule mechanism.

Among the sectors that benefit from this import permit is that of paints and pigments.

Ministry of Economy

Likewise, the federal government approved through this mechanism 64.8 million dollars in inputs, parts and components for the sectors: textile-clothing (74%), footwear (14%); furniture (7%); toys (4%) and paper and cardboard (1 percent).

The Eighth Rule is the license or permit issued by the Ministry through any of the tariff fractions of heading 98.02 of the Tariff of the Law of General Import and Export Taxes that allows companies to import machinery and equipment, materials, supplies, parts and components in order to obtain administrative facilities and preferential tariffs.

Likewise, the Eighth Rule is established in article 2, section II of the Complementary Rules for the interpretation of the Tariff of the General Import and Export Tax Law (TIGIE), and is a foreign trade instrument that requires authorization. Prior to the Ministry of Economy to import, among others, machinery, parts and components for the manufacture of products.

Benefits of using it:

  • Economic benefit.- Reduces operating costs by importing machinery and equipment, materials, supplies, parts and components with preferential tariffs.
  • Administrative benefit.- Allows manufacturing companies to import machinery and equipment, materials, supplies, parts and components to be used in their production processes through a single tariff section.