Mexico’s President Enrique Peña Nieto announced a large fiscal reform package in October last year. One of the major aspects of the tax reforms
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are the new rules for temporal imports of goods applicable to export manufacturing companies. The new reforms, now in effect as of January 1st this year, imposing 16% VAT on imported products; establishing two options for exemption applicable to manufacturing companies under IMMEX certification.
1-The importer may obtain a certificate from the tax administration that proves that the requirements for properly controlling its operations are met. In this case, the importer will be entitled to a credit of 100% of VAT.
2-The importer may guarantee the tax liability with regard to VAT assessed by providing a bond issued by an authorized institution.
Initially the purpose of this new rule was to reorganize the list of manufacturing companies under IMMEX license, so far, the application of this new tax rule has been suspended until the Mexican government better defines the details for the certificate that will be granted to certified companies in order to not pay VAT on temporarily imported goods.
In an attempt to resolve the issues on the application of the 16% VAT on temporary imports for IMMEX participants, the Mexican government revised the rules to allow companies to apply for a refund of the newly imposed tax within the month of import, if and only if the company became certified under Mexico’s tax authority, SAT. Since the process for SAT certification had yet to be defined, a reprieve has been issued and the VAT will not be charged for at least another year on IMMEX participating companies.
Though certification processes are still being defined, companies must certify with SAT now in anticipation of the new procedures to be implemented within the next 1-2 years. According to a January publication by Deloitte, it is noted:
“A certification request may be filed between 15 April and 22 October 2014, depending on the taxpayer’s location. Certification will be renewed automatically, provided the maquiladora files a notice before the term expires and it continues to be in compliance.”
The government did define a three tier rating system for
classifying companies based on their letter grade credit rating (A, AA, and AAA). Each tier has different time allowances for applying for the refund of the VAT, as well as procedural approaches for the application of the refund. Companies in the IMMEX program are concentrated in the “North Pacific,” and encompass the Mexican states that border the United States, including, Baja California Norte, Baja California Sur, and Sonora. Companies participating in IMMEX or with manufacturing operations in the Northern Pacific region should consult their tax professional or consultant for doing business in Mexico to ensure compliance with the new rules.
Tijuana EDC will be hosting a webinar in March 27, 10:00 am where accounting and tax experts will share an update on the tax application to temporary imports and the certification required to export manunfacturing companies. Items that will be covered
- General overview of the Mexican Tax Reform and its implication for manufacturing companies
- Reform to the tax rules for maquiladoras
- The new certification process for temporal imports for export manufacturing companies.