Important items published on the Official Gazette
we believe they are important and might have effects on your operations in Mexico.
January 3, 2011
Dear Clients and friends:
Enclosed please find a summary of two publications on the Federal Official Gazette issued during these holidays, which we believe they are important and might have effects on your operations in Mexico.
1. On December 24 was published a reform to the Maquiladora´s Decree (IMMEX) of November, 2006, with a main purpose, which is to exert a more precise control on the authorized enterprises, stating additional requirements on the temporary importation. Likewise, the requirements to approve a new IMMEX program are modified and the causes of cancelation are reduced.
The most important reform is the related to the definition of Maquila operation, which is established on article 33 of said decree, a summary is as follows:
· The transformation or fixing process should be performed with machinery and equipment owned by the foreign resident at least a 30% and never owned by the maquiladora company or any related party in Mexico. The prior percentage will be computed according to the Miscellaneous tax provisions pending to be published. It is expressly clarified that the previous reform does not apply to authorized maquiladoras before December 2009.
· It could be incorporated to the transformation process merchandise not temporary imported, which could be national or foreign origin.
· That exists a maquila service contract with the foreign resident.
· That the merchandise is furnished by the contracting foreign resident or a third party (foreign resident) with a commercial relation of manufacturing with the contracting foreign resident in the maquila operation.
· The merchandise imported on temporary basis for its transformation or fixing process could be returned abroad even through virtual operations.
· It is précised and expanded the concept of transformation, including among others, the development of a product or its improvement.
2. On December 17, through the Annex 21 of the second resolution of the miscellaneous tax provisions is stated the guidelines for the presentation of the alternative information for the taxpayers that elect not filing the tax opinion from a certified accountant, according to the presidential decree published on June 30, 2010 denominated “Administrative Facilities on Simplification Tax Matters”
Enclosed we listed the two sections that integrate the alternative information applicable to the corporations in general and individuals performing entrepreneurial activities for the fiscal year of 2010. Please be aware that different listings were published according to each sector or type of tax opinion.
a) Sections of the alternative information to the tax opinion generated through the information filing system.
a. Identification taxpayer data.
b. General data.
c. Tax information of the taxpayer.
d. Basic financial statements.
e. Related party transactions.
f. Reconciliation.
g. Determination
h. Relation.
b) Additional data to the alternative information to the tax opinion. It is important to let you know that most of this information is requested in the electronic program to file the tax opinion “System to file the tax opinion”, SIPRED for its acronym in Spanish.
a. Identification taxpayer data.
b. General data (when applicable according to corresponding the type of alternative information to the tax opinion)
c. Balance sheet.
d. Statement of changes in stockholders’ equity.
e. Statement of cash flows
f. Analysis to the other expenses and gains accounts (not applicable for the alternative information of the financial sector)
g. List of taxes, compensations and refunds.
h. Base for determination of the withholding on fees, leases and interests.
i. Jointly responsible on operations of foreign residents (exclusively for alienation of stock)
j. Monthly determination of the cash deposits tax (not applicable for the alternative information of the financial sector).
k. Derived financial operations hired with foreign residents.
l. Permanent investment in subsidiary, associated or filial companies resident abroad.
m. Shareholders or Stockholders that held shares or stocks.
n. Reconciliation between the accounting and tax result, for income tax purpose.
o. Related party transactions.
p. Revenues.
q. Costs and expenses (income tax deductions)
r. Information of the taxpayer about its related party transactions.
s. Determination of profits sharing calculations.
For your convenience, we have prepared a more detailed document of these publications, which could be consulted in our web page www.mauriciomonroy.com
Should you have any additional comments or doubts on the content of this subject or any other tax matter please do not hesitate to contact us.
Sincerely,
Contacts:
Mauricio Monroy Rojas
Office and Tax partner
Tel. 664 972 9072 Ext.106
mauricio.monroy@monroycp.com
Guillermo Gómez Viramontes
Tax partner
Tel. 664 972 9072 Ext.104
guillermo.gomez@monroycp.com
Dear Clients and friends:
Enclosed please find a summary of two publications on the Federal Official Gazette issued during these holidays, which we believe they are important and might have effects on your operations in Mexico.
1. On December 24 was published a reform to the Maquiladora´s Decree (IMMEX) of November, 2006, with a main purpose, which is to exert a more precise control on the authorized enterprises, stating additional requirements on the temporary importation. Likewise, the requirements to approve a new IMMEX program are modified and the causes of cancelation are reduced.
The most important reform is the related to the definition of Maquila operation, which is established on article 33 of said decree, a summary is as follows:
· The transformation or fixing process should be performed with machinery and equipment owned by the foreign resident at least a 30% and never owned by the maquiladora company or any related party in Mexico. The prior percentage will be computed according to the Miscellaneous tax provisions pending to be published. It is expressly clarified that the previous reform does not apply to authorized maquiladoras before December 2009.
· It could be incorporated to the transformation process merchandise not temporary imported, which could be national or foreign origin.
· That exists a maquila service contract with the foreign resident.
· That the merchandise is furnished by the contracting foreign resident or a third party (foreign resident) with a commercial relation of manufacturing with the contracting foreign resident in the maquila operation.
· The merchandise imported on temporary basis for its transformation or fixing process could be returned abroad even through virtual operations.
· It is précised and expanded the concept of transformation, including among others, the development of a product or its improvement.
2. On December 17, through the Annex 21 of the second resolution of the miscellaneous tax provisions is stated the guidelines for the presentation of the alternative information for the taxpayers that elect not filing the tax opinion from a certified accountant, according to the presidential decree published on June 30, 2010 denominated “Administrative Facilities on Simplification Tax Matters”
Enclosed we listed the two sections that integrate the alternative information applicable to the corporations in general and individuals performing entrepreneurial activities for the fiscal year of 2010. Please be aware that different listings were published according to each sector or type of tax opinion.
a) Sections of the alternative information to the tax opinion generated through the information filing system.
a. Identification taxpayer data.
b. General data.
c. Tax information of the taxpayer.
d. Basic financial statements.
e. Related party transactions.
f. Reconciliation.
g. Determination
h. Relation.
b) Additional data to the alternative information to the tax opinion. It is important to let you know that most of this information is requested in the electronic program to file the tax opinion “System to file the tax opinion”, SIPRED for its acronym in Spanish.
a. Identification taxpayer data.
b. General data (when applicable according to corresponding the type of alternative information to the tax opinion)
c. Balance sheet.
d. Statement of changes in stockholders’ equity.
e. Statement of cash flows
f. Analysis to the other expenses and gains accounts (not applicable for the alternative information of the financial sector)
g. List of taxes, compensations and refunds.
h. Base for determination of the withholding on fees, leases and interests.
i. Jointly responsible on operations of foreign residents (exclusively for alienation of stock)
j. Monthly determination of the cash deposits tax (not applicable for the alternative information of the financial sector).
k. Derived financial operations hired with foreign residents.
l. Permanent investment in subsidiary, associated or filial companies resident abroad.
m. Shareholders or Stockholders that held shares or stocks.
n. Reconciliation between the accounting and tax result, for income tax purpose.
o. Related party transactions.
p. Revenues.
q. Costs and expenses (income tax deductions)
r. Information of the taxpayer about its related party transactions.
s. Determination of profits sharing calculations.
For your convenience, we have prepared a more detailed document of these publications, which could be consulted in our web page www.mauriciomonroy.com
Should you have any additional comments or doubts on the content of this subject or any other tax matter please do not hesitate to contact us.
Sincerely,
Contacts:
Mauricio Monroy Rojas
Office and Tax partner
Tel. 664 972 9072 Ext.106
mauricio.monroy@monroycp.com
Guillermo Gómez Viramontes
Tax partner
Tel. 664 972 9072 Ext.104
guillermo.gomez@monroycp.com
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