Tax alert No.1 – August

Categories: Uncategorized |

Foreign Trade Project that States Rules of General Nature

Last August 1, the Tax Administration Service (SAT) website included a ruling stating new foreign trade rules of general nature for 2014. Such rules establish the guidelines that need to be followed by taxpayers who choose not to be certified for VAT and the special tax on production and services (STPS-IEPS) purposes and that wish to guarantee the tax liability through a security interest in terms of Article 28-A of the Value Added Tax Act.

According to the new rules, taxpayers need to offer the General Foreign Trade Audit Administration (AGACE) a security interest to be evaluated, accepted and processed. The security interest should be offered in the form of a revolving surety bond or letter of credit in effect for 12 months. After submitting it, the authorities will have a period of 30 days to determine whether such security interest is accepted.

In addition, the following requirements need to be met:

  • File the “Sole VAT and STPS Lien Form” (“Formato único de garantías en materia de IVA e IEPS”)
  • Get a positive opinion with respect to compliance with tax liabilities
  • Not to be included in the list of companies published by the SAT
  • Have current digital stamp certificates
  • Be registered in a current program (Export Manufacturing, Maquila and Services Industry Development –IMMEX, bonded warehouse, duty-free zone in a bonded warehouse).

In the event the authority accepts the security interest, taxpayers need to meet the following obligations:

  • Permanently comply with the acceptance criteria
  • Transmit their transactions under the guidelines issued by the SAT.

Renewal or extension of the security interest must be filed within at least 45 days before the current security interest expires. If the renewal is not requested, the taxpayer may not continue exercising such option.

The new rules provided by the authority will become effective once they are published in the Federal Official Gazette. Thus, they are not considered final until their publication.

The MXGA team will keep you informed of the news that may arise with respect to such subject.