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Western Maquila Trade Association August 17, 2011

Western Maquila Trade Association August 17, 2011. Foreign Trade Rules for 2011. Background. Published June 29, 2011. Effective as of July 31, 2011. Basically the same as last year. Highlights. Electronic Information.

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Western Maquila Trade Association August 17, 2011

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  1. Western Maquila Trade Association August 17, 2011

  2. Foreign Trade Rules for 2011

  3. Background • Published June 29, 2011. • Effective as of July 31, 2011. • Basically the same as last year.

  4. Highlights • Electronic Information. • It is deemed that any information that is sent electronically is filed by the taxpayer. • If there is any discrepancy between the information that is sent electronically with the information stated in the pedimento, the first will prevail.

  5. Highlights • No need to perform transfers. No need to perform virtual transfers in the event of a merger or spin-off. • Cancelled IMMEX Programs. Can now transfer goods once a company request the cancellation of its IMMEX program. This only applies if the Ministry of Economy has not began a cancellation process.

  6. Highlights • Transfers. • Several changes. • Minimizing some risks of exposure and allowing companies to file import/export documents outside the prescribed term, provided that no audit has began. • Now only 3 things to prove for the actual transfer. Be aware of the documents that need to prove that the goods were shipped.

  7. Certified Companies • A favorable opinion by the Hacienda about compliance of tax obligations is now required to request registration. • Rules about sales from US entity and having the certified company virtually delivering the products to a Mexican entity have been postpone until October 1st., 2011.

  8. Certified Companies • The benefit of applying a 70% reduction in fines for the virtual return of goods that have exceeded the 18 month period has been extended to October 31, 2011.

  9. Rectifications • Importerswillhave 30 daystorequestauthorizationtothecustomsauthoritiestorectifyinformationwith “evidenterrors” thatimpliesthatwithsucherrorsitisimpossibletocarryout. • 3 monthstorectifytariffitemnumber (fraccion arancelaria).

  10. Rectifications • Introduction of valuereconciliation. Thepurposeistoadjusttehvalueforpermanentimportdeclarationsfiledwithin a taxyear. • One complementary import declaration can be file.

  11. Thankyou. Leobardo Tenorio-Malof ltenorio@tplegal.net Blvd. Sanchez Taboada No. 10488-701 Torre Platino Zona Rio Tijuana, Tijuana, B.C. 22010. 641 E. San Ysidro Blvd. Suite B3-808, San Ysidro, CA 92173. MX (664) 634-2808 US (619) 270-1120 TP Legal S.C. es miembro de PROLEGAL, una alianza profesional con oficinas en las ciudades de Monterrey, Chihuahua, Guadalajara, Cancún y Ciudad de México.

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