On June 27, 2022, in the Diario Oficial, Mexico’s Ministry of Economy published an agreement for creating and modifying commercial identification numbers, known as NICOs, that identify the complete classification at the 10-digit level based on the Mexican Harmonized Tariff Schedule. The agreement will enter into force in conjunction with the Law on General Import and Export Taxes, announced on June 7, 2022. This must be done within 180 days after the publication in the Diario Oficial. The creation of the NICO methodology provides context for how the two additional digits are created. Once it is applied and the HTS and NICO publications are aligned, importers must ensure that their classifications are valid.
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For more information on the Law on General Import and Export Taxes, please see the below Newsflash: