The decree for tax incentives on the island of Cozumel, announced by Governor Mara Lezama at the end of 2024, is expected to be ready and published by the end of January. This initiative aims to boost the island’s economic development, providing direct benefits to families and businesses.
Governor Lezama explained that the process is being coordinated with the Ministry of Finance and Public Credit (SHCP), the Ministry of Labor, and the Tax Administration Service (SAT) through working groups to finalize the details of the decree.
“The objective is to provide incentives that promote the economic development of the island, generating direct benefits for families and businesses,” said the governor, reiterating her commitment to work with the Federal Government on this project, which was initially expected to take effect from January 1, 2025.
The decree aims to reduce the Value Added Tax (VAT) rate for the region to 8%, a 50% reduction from the current rate of 16%. Additionally, the Income Tax (ISR) will be adjusted to a rate of 20% for income generated within the region.
Governor Lezama announced these benefits during a meeting with President Claudia Sheinbaum on the first anniversary of the Mayan Train on December 15. However, the decree has not yet been published.
It remains unclear whether the exemption from the general import tax will be included for goods brought into Cozumel under the definitive import customs regime and sold in authorized locations, as is the case in Chetumal.
Source: El Economista
