When to select APA and other Transfer Pricing options. Challenges and Opportunities for the Maquila Industry Galaz, Yamazaki, Ruiz Urquiza, S.C.

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1 When to select APA and other Transfer Pricing options Challenges and Opportunities for the Maquila Industry

2 Agenda 1. Background 2. Type of Maquiladoras 3. APA as an option for PE exemption and compliance 4. What s ahead? 2

3 Background 1995 Permanent Establishment ( PE ) regulation rules are implemented. Transfer Pricing options for PE protection: 1 Safe Harbor (5% ROA) or 2 Advance Price Agreement ( APA ). 1 APA or / Mutual agreement U.S. Mexico Transfer Pricing options for PE protection: 2 Safe Harbor (6.9% on assets or 6.5% on costs and expenses) Maquiladora Transfer Pricing options for PE protection: 1 Safe Harbor (6.9% or 6.5%) 2 TP Study Cost-Plus + 1% of US M&E; 3 TP Study ROA on all M&E; or 4 APA - PLUS 2 Presidential Decrees: 2003 & ? Transfer Pricing options for PE protection: 1 Safe Harbor (6.9% or 6.5%) 2 APA New definition of Maquiladora (Income Tax)

4 Background New Maquila regime Starts in January Since it is a new Law, the Presidential Decrees benefits disapear New maquila definition Alll revenue from the productive activity must be related to the maquila operation. Sales in Mexico are not considered as a productive activity linked to maquila activity. Other activities? Can be accepted if they are linked to the maquila operation. Maquiladora should keep strict segmented records for each related activity in its accounting. E.g. leasing, sale of scrap, interests.

5 Background New Maquila regime Sales in Mexico are prohibited for Maquiladoras If a Maquiladora sells products in Mexico, then PE exemption would be eliminated, since Maquiladora falls out of new Maquila definition. Maquiladora has 6 months to restructure its operations (Miscelanea) M&E At least 30% must be owned by the U.S. related party. Limitation: M&E must not be owned previously by the Maquiladora or any other related party Maquiladoras operating within a Shelter program can remain in it only up to 4 years.

6 Types of Maquiladora 6

7 Functions, Assets and Risks Traditional Maquiladora Structure Functions: Toll Manufacturing / under instructions of Principal. Low labor activities (assembly) 3 Maquila Service Contract U.S. related party Maquiladora (Mexico) 1 Raw Material on temporary import 2 M&E on temporary import No Sales Department. No R&D Local operation management Contracts local insurance. Assets: M&E relatively low (office equipment, some machinery). Inventory is property of US related party and send into Mexico on temporary basis (Customs). No inventory Physical flow Invoicing Riesgos: Limited risks (just linked to the quality of services). No FX risks No inventory risks

8 Is this allowed? Other income from linked maquila operations? Loan US related party Maquila (Mexico) Additional functions: Loans Administrative Services Leasing of facilities Sale of scrap Cafeteria revenue FX gain Assets: Excess cash Office equipment Facilities Scrap. Related party (Mexico) Non-related (Mexico) Loan Physical flow Invoicing Riesgos: Still should retain limited risks. An increase in risks could question if the other income is out of the productive activity definition linked to the maquila operation.

9 Sales in Mexico How important is my sales business in México? a. Invoicing of services US related party Maquila (Mexico) Mexican Third parties b. Import of definitive basis c. Sale of Tangible property Legal ownership Physical flows Invoicing Functions: Maquiladora manufactures or distributes according to PO with Mexican customers Maquiladora may have a Sales department (if not?) Maquiladora gets involved in customer satisfaction. Guarantees. Assets: Can Maquila use the same assets? or Should Maquila lease them from US related party? Maquiladora may have speculative inventory. Risks: Maquiladora bears additional risk in domestic sales.

10 Let s challenge the paradigm Which are the benefits of having a PE? U.S. US related party MEX M&E 1 PE PE Management Control 3 Inventory 2 Maquiladora (IMMEX)

11 What if the company stops being a Maquiladora? Toll Manufacturing Functions: IMMEX remains with all customs benefits VAT can be avoided via certification Toll manufacturing agreement Royalty payments Technical assistance US related party Toll Manufacturer Raw material on temporary basis. It is processed and returned Toll manufacturing based on PO. There may be a local sales department. Sales in Mexico are allowed. Assets: Get out of PE when Maquiladora: Purchase US assets, or Lease them from US related party Additional functional analysis should be prepared to cover all PE issues There may be speculative inventory. Physical flows Invoicing Risks: There are business risks.

12 APA 12

13 Step 1 Option analysis How to choose? Is your company asset intensive? Do you have investment plans in the short run? In what industry do you operate? APA IS AN OPTION WHEN IT GENERATES IMPORTANT SAVINGS WITH RESPECT TO SAFE HARBOR COMPUTATION 13

14 Step 2 APA methodology? Before A Operating expenses 3,000,000 B Net Cost Plus 3% C = A x B Operating Profit 90,000 Decree Benefits D = A + C Maquila revenue 3,090,000 Now E Operating Assets 10,000,000 F Return on Operating Assets 10% G = E x F Operating Profit 1,000,000 A Operating expenses 3,000,000 H = G + A Maquila revenue 4,000,000 It is still possible to decrease this OP based on negotiated adjustments with SAT 14

15 Step 2 APA methodology? Now E Operating Assets 10,000,000 F Return on Operating Assets 10% G = E x F Operating Profit 1,000,000 A Operating expenses 3,000,000 H = G + A Maquila revenue 4,000,000 It is still possible to decrease this OP based on negotiated adjustments with SAT M&E adjustment Inventory adjustment Procurement & Marketing adjustment Idle capacity Others 15

16 APA as an option Safe Harbor is less flexible to capture the economic circumstances APA can consider industry specifics, particular situations, forecasts, etc: Industries with low growth trends or with relevant cycle effects Relevant idle capacity Projected investments, new product lines The previous APA campaign ( ) the ROA was used. It is expected that a very similar methodology would apply since Mexican Miscelanea requires to reflect a return on all assets used in the maquila operation. 16

17 Just after Christmas Presidential Decree 12/26/2013 Maquiladoras are allowed to take additional deduction (47%) of expenses related to social employee benefits, if they comply with transfer pricing. There is a 2 year period for Maquiladoras to reach the 30% of US M&E required by Law. This benefit is applicable only to IMMEX companies that operated as Maquiladoras from 2009 and previous years. New Maquiladoras have to comply this requirement of 30% from the beginning and there is no 2 year period. 49

18 APA as an option (Before Decree) SH at 6.9% is higher but APA would reach a better result 48 Reforma Fiscal 2014, Maquiladoras

19 APA as an option (After Decree) SH at 6.9% is higher but APA now provides better benefits than previous situation 48 Reforma Fiscal 2014, Maquiladoras

20 What s ahead? 20

21 Relevant dates to consider In 2012, SAT received approximately 1,800 DIEMSE In 2012, SAT received approximately 600 Safe Harbor SAT estimates that it is likely to receive approx 1,000 APAs Next June Maquiladoras should file a letter to let know which option is going to be selected. APA filing should be sent before December When would the Maquiladora get its APA private ruling? Bilateral APA? 50 Reforma Fiscal 2014, Maquiladoras

22 Deloitte Transfer Pricing Team 1 National & Latinamerica Leader Simón Somohano 1 Director y 3 Senior Managers More than 100 professionals focused on performing only TP work (25 in Northwestern region). Active member in the TP Comitte of the Mexican Accounting Professional Association. Official TP advisors of Maquila Industry (Index) currently negotiating the new APA methodology with SAT Negotiation of more than 100 APAs in the previous campaign Including the firs APA issued by SAT Negotiation of the first and only APA breakeven APA bilater negotiations in process World Deloitte TP network with strong negotiation skills with several Tax Authorities 50 Reforma Fiscal 2014, Maquiladoras

23 Thank you Simón Somohano National and Latin America Leader Precios de Transferencia Tel. (664) Héctor Silva Tax Partner Tax and Legal Services Tel. (664) Antonio Ochoa Transfer Pricing Director Tel. (664)

24 Deloitte se refiere a Deloitte Touche Tohmatsu Limited, sociedad privada de responsabilidad limitada en el Reino Unido, y a su red de firmas miembro, cada una de ellas como una entidad legal única e independiente. Conozca en la descripción detallada de la estructura legal de Deloitte Touche Tohmatsu Limited y sus firmas miembro. Deloitte presta servicios profesionales de auditoría, impuestos, consultoría y asesoría financiera, a clientes públicos y privados de diversas industrias. Con una red global de firmas miembro en más de 150 países, Deloitte brinda capacidades de clase mundial y servicio de alta calidad a sus clientes, aportando la experiencia necesaria para hacer frente a los retos más complejos de los negocios. Cuenta con alrededor de 200,000 profesionales, todos comprometidos a ser el modelo de excelencia. Tal y como se usa en este documento, Deloitte significa Galaz, Yamazaki, Ruiz Urquiza, S.C., la cual tiene el derecho legal exclusivo de involucrarse en, y limita sus negocios a, la prestación de servicios de auditoría, consultoría fiscal, asesoría financiera y otros servicios profesionales en México, bajo el nombre de Deloitte. Esta publicación sólo contiene información general y ni Deloitte Touche Tohmatsu Limited, ni sus firmas miembro, ni ninguna de sus respectivas afiliadas (en conjunto la Red Deloitte ), presta asesoría o servicios por medio de esta publicación. Antes de tomar cualquier decisión o medida que pueda afectar sus finanzas o negocio, debe consultar a un asesor profesional calificado. Ninguna entidad de la Red Deloitte, será responsable de pérdidas que pudiera sufrir cualquier persona o entidad que consulte esta publicación.

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