Colombia Remits Tariffs on Certain Product Imports

Ministry of Commerce, Industry, and Tourism of Colombia announced on August 15 that it would remit the tariffs imposed on 3,095 materials and capital goods which Colombian companies do not produce (according to the regulation #1755) in order to encourage the import of capital goods and materials as well as boost the industrial development.

Items covered in the 1st article of the regulation #1755 and imported goods with tax no. 0303440000 can be exempt from tariffs, which will last for 2 years after the announcement on August 15, 2012. After the period, these products will be again covered in the regulation #4927 announced in 2011.

Related fasteners covered in the tariff exemption:

7318110000 steel automotive screws (previous tax rate: 5%)
Original item name: Tirafondos

7318130000 steel spiral hook and spiral rings (previous tax rate: 5%)
Original item name: Escarpias y armellas, roscadas

7318140000 steel self-tapping screws (previous tax rate: 5%)
Original item name: Tornillos taladradores