Foreign Trade Regulations: Mexico belongs to the World Trade Organization ang has thus eliminated most export permits, substantially reduced export taxes and direct export subsidies, and eliminsted fiscal incentives for exports. A variety of export - incentive programes - including special temporary - import programes-serve to boost exports sales. The legislation governing maquiladoras in mexico makes the country an attractive place to manufacture for export to the US. The program In 1993 Congres Approved changes to Mexico's custom law that eased many administrative burdens associated with foreign trade. Further changes to the law in 1998 include tougher penalties for under-invoicing and shortened periods that maquiladora merchandiseand equipment may remain in Mexico under in-bond status. Since January 1999 inventory may be stored for 18 months. Fixed assets (machinery, tools, and spare parts) may remain in Mexico for five years, or the depreciation period specified in the income tax law, if the latter is longer. The Programade Importancion Temporal para Producir Articulos de Exportancion (PITEX) Allows duty-free entry on temporary imports of raw materials, parts, machinery and equipment used to manufacture exports. The Programa de Empresas Altamente Exportadoras (ALTEX) reimburses value-addedtax (VAT) and import tariffs for customs clearance. The Banco Nacional de Comercio Exterior (Bancomext, the development bank for foreign trade) provides credit for exporters below commercial bank rates. Maquiladoras do not pay import duties as their products are destined for re-export. however, if those products come from countries that enjoy no preferential trade arrangements with Mexico the exporter has to seek the grating of low or zero tariffs through a Programa de Promocion Sectorial (Prosec, sectoral promotion p5rograme) or through the granting of a special permission from the scretariat of the economy. Under a scheme announced in Ocrober 1999, maquiladoras have the option to declare a minimum taxable profit equivalent to 6.9% of the total value of their assets or to 6.5% of their total operating costs and expenditure, with tax being be paid on which-ever sum is greater, or to request agreement with the internal revenue service on transfer prices in order to determine taxable profits. Import tariffs range from o% to 35%, with the trade-weightedaverage tariff about 2.9% (using a formula from the Secretariat of the Economy that weights product with zero tariffs). Besides duties, the 15% VAT rate applies to all imports export those to the border region, where a 10% rate applies.

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