ANNOUNCED AS TEMPORARYNo
On March 3, 2011, the Government of Colombia published a decree reducing the Most Favored Nation (MFN) import duties applicable to products classified under 17 tariff lines of the Colombian Harmonized System (CHS).
The Colombian legislation establishes that certain type of machinery, equipment, and parts used for the mining industry, including the extraction of hydrocarbons, can benefit from exemptions to the import duties for a 5 year period.
This decree reduces in 50% the MFN duties applicable to goods classified under the following tariff lines: 3917239000, 3917310000, 3917329900, 3917331000, 3917339000, 3926903000, 3926904000, 3926909090, 8428109000, 8428200000, 8428320000, 8428330000, 8428390000, 8504211900, 8504221000, 8504319000 and 8504330000.
These reductions will apply from March 3, 2011 through August 16, 2015.
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