Mexican Customs Anexo 24 Software for inventory control of IMMEX authorized companies. IMMEX: System of Annex inventory control of foreign trade in the Mexican law agreement ; Customs Law, itsRegulations, the Miscellaneous Trade and the provisions of Annex Anexo 24 Presentation English. AGROCOIR, S.A. DE C.V.. IMMEX. AGRODELICIAS DE LA BAJA SUR, S. A. DE C. V.. IMMEX. AGROEXPORT DE SONORA, S.A DE C.V.
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While the laws governing Maquiladoras have been anexi on several occasions, including through the issuance in November of the Decree for the Promotion of the Manufacturing, Maquila and Export Service Industry commonly known as the IMMEX decreethe purpose of encouraging the establishment of export-oriented companies in Mexico by providing a favorable tax regime has remained the same.
Since its creation the Maquila sector has grown to become a key driving force of the Mexican economy, with manufacturing companies operating under immwx IMMEX umbrella accounting for approximately 4. Indeed, as production costs in China have increased a significant number of companies have shifted their manufacturing operations from the Asian giant to Mexico and other Western Hemisphere countries.
For many companies setting up a Maquiladora in Mexico may be the best way to grow immx business, increase profit margins, and reach a broader audience for their products by responding quickly to shifting trends in consumer demand. However, effectively navigating the new Maquila tax requirements could be the difference between success and failure.
As a result, imported goods are now subject to VAT payment at the moment of import and will be accredited a set-off only after the Maquila exports the final goods from Mexico.
This has the potential to pose a considerable cash-flow challenge to many businesses, significantly impacting their bottom line.
Obtaining the proper certification to take advantage of these credits and refunds can be a challenge. Among other things, Maquila companies are required to 1 show that they, as well as their shareholders and outsourcing parties, are in full compliance with all applicable tax regulations; 2 have an adequate and up-to-date inventory control system and a proper physical control of imported imnex and 3 report on a monthly basis their balances of imported goods.
The certification application must be filed through the single window for foreign trade operations.
If an application is incomplete, the applicant will be notified and given 15 days to provide any missing information. Applicants will be notified of a decision to approve the application within 40 days from the day following the date of receipt of a complete application. If approval is not granted within the day timeframe, applicants should assume that their application has been denied. If Mexican authorities determine that the applicant aenxo not have all appropriate controls in place, the applicant will have to wait at least six months immdx submit another application.
It is therefore imperative for companies seeking VAT certification to do things right the first time around.
Ricardo Rebeil Vice Presidient of Brokerage and Logistics Solutions
Maquila Matters Issue 1: Introduction to IMMEX Conceived in very rough form nearly eight decades ago in an effort to promote the economic and industrial development of the northern region of Mexico, the Maquila sector inmex formally established in October with the implementation of the Border Industrialization Program. In a nutshell, a Maquiladora is a manufacturing or service company that is engaged in the temporary importation under the IMMEX program, either duty-free or under a duty deferral scheme, of inputs and machinery to be used in the production of goods to be exported.
Introduction to Maquila Terminology Maquiladora. Manufacturing or service company that is engaged in the temporary importation under the IMMEX program, either duty-free or under a anexi deferral scheme, of inputs and machinery to be used in the production of goods to be exported.
IMMEX Software and Services for Companies: Annexes 24 and 31
Export promotion program that allows the temporary importation, either duty-free or under a duty deferral scheme, of inputs and machinery to be used in the production of goods to be exported. Mandatory system used by IMMEX immmex to monitor their imports, exports and scrap and show Mexican authorities that goods imported temporarily are being returned overseas or any applicable taxes are being paid.
Annex 24 Anexo Term commonly used when referring to the inventory control system since the regulations for this system are included in Annex 24 of the General Foreign Trade Rules. Annex 31 Anexo Term commonly used when referring to the monitoring and reporting system for temporary imports that use a VAT certification to avoid the payment of VAT upon entry into the country.
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Annual Report Reporte Anual. For more information, contact Mirsha Saynes, msaynes sttas. To receive Maquila Matters directly in your inbox, subscribe here.