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Plans are in the pipeline to turn neighbouring Chetumal to a Mexican Free Zone. "In a press conference led by López Obrador and Joaquín González, the president-elect announced that as of January 1, 2019 he will start the free zone program in the entire northern border of the country; "From January 1, the value added tax will fall from 16 to 8%, the same will reduce the income tax, fuel prices will be homologated, gas will cost the same, gasoline will be the same as costs in the United States (USA) and will increase the minimum wage to double."

LOVEFM

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.