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Reestablishment of Tariff Duties for 32 Tariff Subheadings

  • By Siacomex
  • 16 March, 2024
  • 19 Views

Technical Analysis of Decree 0324 of 2024

Reestablishment of Tariff Duties for 32 Tariff Subheadings

Decree 0324 of 2024, issued by the National Government through the Ministry of Commerce, Industry, and Tourism, partially modifies Decree 272 of 2018. This new decree reinstates tariff duties for 32 specific tariff subheadings, which previously had a 0% tariff for raw materials and capital goods not produced in the country.

Details of the Tariff Duty

The decree specifies that:

  • 23 tariff subheadings will have a tariff of 5%.
  • 9 tariff subheadings will have a tariff of 10%.

Implementation and Exceptions

The decree will come into effect 15 calendar days after its publication in the Official Gazette. It does not modify any existing preferential tariff reduction programs in Colombia and will not apply to imports of goods already en route to the country before the decree’s effective date.

Impact on Foreign Trade

This tariff change aims to protect and promote domestic production, ensuring that locally manufactured products have a competitive advantage over imports. Foreign trade operators must be aware of these changes to adjust their import strategies and avoid sanctions.

Conclusion

Decree 0324 of 2024 reinforces the policy of protecting the national industry by reintroducing tariffs for specific products with domestic production. This change is part of an ongoing effort to strengthen the local economy and ensure balanced and fair foreign trade.

It is recommended to analyze the tariff subheadings affected by this change, as they will impact the cost of imports.

 

 

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