Chetumal is that Mexican City that Belizeans just love traveling to for shopping and recreation - and by January of next year it may be getting cheaper. That's because it will have it's own commercial free zone.
Mexico's President Elect, Andrés Manuel López Obrador yesterday hosted a press conference to announce that as of January 1, 2019, he will start a free zone program in border cities and towns. He also announced that Mexico's value added tax, VAT, will be reduced from 16% to 8% in those zones.
This is very bad news for the Corozal Free Zone which has already seen a downturn in sales in recent years. We'll stay tuned to see how it plays out.
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