COST Canadian Tax Workshop Introduction to Mexico VAT (IVA)

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1 COST Canadian Tax Workshop Introduction to Mexico VAT (IVA) September 30th, 2015 Enrique Agresott Garcia Ernst & Young Sandra D. Robertson WestRock Agenda Introduction to Mexico VAT (IVA) VAT (IVA) rate structure and special rules Zero rated transactions VAT withholding and Self-assessment Tax return filing Requirements for filing GL data electronically Audits and audit notification IMMEX program Cross border transactions Being compliant in Mexico 1

2 Polling Question Does your U.S. company (or subsidiary) ship to or serve customers in Mexico? Yes No We used to, but do not anymore Not yet, but we expect to in the future Don t know Polling Question Does your company have operations in Mexico (a physical location)? Yes No We used to, but do not anymore Not yet, but we expect to in the future Don t know 2

3 VAT (IVA) rate structure and special rules VAT (IVA) rate structure and special rules Federal VAT (cash accounting) or Impuesto al valor agregado Taxable person: Any business entity or individual that makes taxable supplies or grants temporary use of goods or provides services in the course of doing business in Mexico Scope: Supplies of goods made or services provided in Mexico by a taxable person Supplies of goods and services subject to the reverse charge Grants of temporary use or exploitation of goods Importations of goods from outside Mexico, regardless of the status of the importer Rates: VAT: 16% (standard applies to all goods and services, unless a specific measure provides for a reduced rate) and zero rated 3

4 VAT (IVA) rate structure and special rules Federal VAT (cash accounting) or Impuesto al valor agregado VAT recoverability by taxable person Input VAT is recovered when related to business purpose (expenses need to qualify as deductible expenses for income tax purpose) Cash flow accrual VAT input balance can be used to offset against other taxes An overseas company cannot recover VAT if not registered locally for indirect taxes purposes Invoicing Electronic invoice Credit Notes Debit Notes VAT (IVA) rate structure and special rules Federal VAT (cash accounting) or Impuesto al valor agregado Indirect tax registration: Individuals and legal entities engaged in the following activities within Mexican territory are required to register: Supply of goods Render of independent services Temporary use or enjoyment of goods Importation of goods or services A foreign company cannot register for indirect taxes without having an establishment in the country Nevertheless, the Mexican Legislation provides a possibility to register for VAT purposes on a voluntary basis in Mexico under a specific authorization granted by the Mexican tax authorities. To do so, it is necessary to appoint a legal representative. This registration does not create the possibility to get a refund of the VAT paid in Mexico, unless the foreign resident performs VAT taxable activities in Mexico. However, this type of registration has not been granted to anyone so far. A foreign company cannot import goods into the country without having a local indirect tax registration 4

5 VAT (IVA) rate structure and special rules Federal VAT (cash accounting) or Impuesto al valor agregado Special Indirect Tax Rules The tax point of the transactions for VAT purposes is based on a cash basis system (i.e. output VAT accrual when the payment of accounts receivable is received from clients and input VAT can be deducted once the payment of accounts payable is made to suppliers). A special administrative procedurehastobefollowedtoclaiman immediate refund (within 6 months) of any VAT where the credits exceed the VAT due on sales (e.g. an exporter). The sale of a company is not subject to VAT. However, the sale of specific fixed or movable assets of the company would be subject to VAT. Polling Question Who is responsible for Mexico VAT filings, audits, and research in your company? Handled at the local level with limited or no corporate oversight Handled at the local level with corporate oversight Handled by Indirect or Sales Tax Department Handled by International Income Tax or Accounting Combination Don t know 5

6 Requirements for selfassessments VAT withholding and Self-assessment Reverse charge applies to certain supplies of goods and services in Mexico Under this provision, a taxable person that receives certain types of supplies must withhold the VAT due from the supplier and must pay the VAT Reverse charge applies to importation of services (administrative, professional, or any services rendered abroad) and intangible goods supplied by foreign residents The reverse charge applies to a variety of transactions, including the following: Fees paid by companies to individuals; Acquisition of scrap material; Ground transportation of goods (only 4% is withheld/paid by the customer); Commissions paid by companies to individuals; Lease of acquisition of tangible goods from residents abroad. COST Workshop 6

7 Zero rated transactions Zero rated transactions Zero rated transactions are considered as taxable supplies in Mexico and are different from exempt supplies (referring to supplies of goods and services that are not liable to tax and, therefore, do not give rise to a right of input tax deduction, such as books, education, etc.) Example of zero rated transactions: Exported goods; Certain exported services; Unprocessed milk and food; Patented medicine. 7

8 Tax return filing Tax return filing VAT in Mexico is reported on a cash basis and excess credits may be offset against other taxes (through an administrative procedure) VAT Informative return (DIOT as known in Spanish) is provided on a monthly basis to the tax authorities with information on: Payment, withholding, crediting and charging of value added tax in transactions with suppliers. Breaking down the value of transactions and activities by the rate at which the value added tax was charged, including activities for which the taxpayer is not required to pay such tax. Particular cases (Transfer of property): The VAT must be recorded in a public deed. Notaries, brokers, and other judges who by law have notarial functions, will calculate the tax on their responsibility and will pay it within fifteen days from the date the deed is signed, the authorized office for your address. 8

9 Requirements for filing GL date electronically Requirements for filing GL data electronically As part of 2014 Mexican Tax Reform, the Federal Tax Code started to require taxpayers (corporations and individuals) to file their accounting records electronically. This reform included a new concept of the accounting for tax purposes and it is more extensive than the Mexican Generally Accepted Accounting Principles (e.g., ledgers; accounting systems and entries; working papers; account statements; special accounts; corporate books and ledgers; control of inventories and valuation method; disks, tapes or any other means of data storage that may be processed; tax-registration electronic systems and equipment and records produced by such equipment, in addition to the documentation used to support the respective entries, as well as all the documentation and information associated to compliance of tax provisions that proves income and deductions and other documentation required by other statutes). Furthermore the Federal Tax Code establishes that the taxpayers must file: Chart of accounts, Informative return of accounting information (per month and annual), and Information related to journal entries in the accounting records. 9

10 Requirements for filing GL data electronically This tax reform includes the obligation to maintain electronic accounting records through electronic systems than can create XML format files pursuant to the regulations issued by the tax authorities. On March 3, 2015, the Mexican Tax Authority published in the Federal Official Gazette the First Amended to the General Tax Rules in order to extend to April, 2015 the deadline to submit the informative returns of Electronic account records for the Fiscal Year The accounting information that the taxpayers will file to the Mexican Tax Authority should be in accordance with the Generally Accepted Accounting Principles that the taxpayer apply on a daily basis (Mexican Generally Accepted Accounting Principles GAAP, United States GAAP or International Financial Reporting Standards IFRS ). Audits and audit notification 10

11 Audits and audit notification Audits Tax audits may take place on a regular basis, but there is no rule regarding their frequency. Penalties The infringements for failure to register or late registration will lead to a penalty ranging between USD174 and USD524 (considering an exchange rate of MXN14.00 per USD). When the VAT payment is partial or totally omitted, the following penalties apply: there are no penalties applicable if taxpayers pay spontaneously; meaning that they pay prior to the start date of an audit by the Mexican tax authorities. 20% of the omitted VAT amount, if the taxpayer pays the amount before being notified by the authorities of a final resolution but after an audit has begun. 30% of the omitted VAT amount, if the taxpayer pays the amount after being notified by the authorities of the final resolution. 55% to 75% of the omitted tax amount in other cases. Penalties are also incurred for late filings of a VAT return and late payment of VAT, and insufficiency or omission of VAT return. Fines range from USD87 to USD1,749 (considering an exchange rate of MXN14.00 per USD). IMMEX program 11

12 Polling Question Does your company have a Mexico subsidiary covered under the IMMEX program? Yes No We used to but do not anymore Not yet but we expect to in the future Don t know IMMEX Program Program for the promotion services Industry of the manufacturing, maquiladora and export It is a tax regime which allows, as a general rule, the temporary importation of goods that are used in industrial or service process, for their subsequent export, without covering the payment of the general tax for import, the value added tax and, where appropriate, the countervailing duties. IMMEX general requirements To benefit from the program the company must: Reside in Mexican territory and be taxed by Income Tax in the country; Commit to have annual sales abroad of at least US $500,000 or an equivalent sum in Mexican pesos, or invoice exports accounting for at least 10% of its total invoices; Allocate temporarily imported goods to the Program purposes; Export goods within the term they were allowed to be in the country; Keep imported goods only at IMMEX registered branches; Comply with all terms of the approved program. 12

13 IMMEX Program It is important to mention that after the tax reform in 2014, as of January 1, 2015, all temporary importations made by IMMEX companies started to be subject to VAT at the rate of 16%. Such VAT payment should be recoverable under a credit, offset or refund procedure, but from a practical perspective the timeframe to recover such VAT is unclear. Temporary importations are now also subject to the payment of excise tax, if applicable. In order to apply the immediate credit and thereby avoid the adverse cash flow implications arising from the payment of VAT for each import, companies may apply to become certified for purposes of VAT/excise tax. Companies seeking certification need to fulfill the following general requirements: Filing an application for the certification Inventory control system Having a positive opinion of the company s compliance The applicant should not be on SAT s list of non-compliant taxpayers Having valid certificates of digital seals for electronic invoices Providing records of the total number of personnel and an example of the payment for at least 10 employees IMMEX Program Companies seeking certification need to fulfill the following general requirements (cont d): Documentation that evidences the investment in Mexico Include the name and address of foreign customers and suppliers with which foreign trade activities were carried out during the previous year Allow access to the Customs Audit Administration (AGACE) Additional specific requirements would depend on the level of certification that a company wishes to attain, and the customs regime under which it operates (e.g., requirements for Bonded Warehouse companies are different from those for IMMEX companies). Companies qualifying for the certification would be subject to permanent compliance with the certification requirements depending on the level, in addition to other specific obligations. Companies not electing to become certified may also secure a bond in order to minimize the cash flow implications from the payment of VAT in temporary importations. The authorities established a calendar beginning in April 2014 to proceed with the VAT certification, depending on the location of the company. 13

14 Cross border transactions Cross border transactions There are no special regimes or provisions applicable to postpone or avoid the VAT for the importation of goods in Mexico. The only way of avoiding VAT for the importation of goods has been under the IMMEX program; however, effective January 2015, these rules have changed When it comes to exports out of Mexico, almost all transactions are at a 0% rate - with exception of certain services 14

15 Cross border transactions Company X Headquarters (i) billing in USD U.S computer vendor Centralized purchasing issues (i) U.S. corporate HQ buys a laptop from a U.S. computer vendor for their Mexican facility; U.S. computer company bills the U.S. purchaser in $US. (ii) intercompany charge (ii) U.S. purchaser sends an intercompany charge to the Mexico facility. Company X Mexican Facility (iii) Laptop shipping U.S. computer vendor Mexican facility (iii) Mexico subsidiary (or third party) ships the laptop from within Mexico to their customer s Mexican facility. Since the billing was done completely in the US, no VAT was charged. Questions: (i) What are the Mexico VAT requirements or implications? (ii) Is a reverse charge required? Being compliant in Mexico 15

16 Being compliant in Mexico Taxpayer obligations: Keep accounting records in accordance with the Federal Tax Code Issue supporting documentation, indicating therein in addition to the requirements set forth in the Federal Tax Code File at authorized offices the tax returns (this is made electronically) Issue/keep certifications for VAT withholdings Notify tax authorities within 30 days following the first withholding made by those persons that regularly withhold taxes Provide value added tax information as requested on income tax returns. Questions? Enrique Agresott Garcia Senior Manager, US VAT Practice Ernst & Young LLP 5 Times Square, 10036, New York, United States of America Office: Cell: Sandra D. Robertson Director Indirect Taxes WestRock PO Box 5098, Norcross, Georgia, United States of America Office: Cell:

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