IMMEX program is a manufacturing program offered by Tacna, Mexico. It is an official program sponsored by the government. Under this program, foreign companies import goods in Mexico. These goods are manufactured in Mexico and are exported back. If a company uses the IMMEX program, it will have to pay a very low amount of tax on the import and export of goods.
Why choose the IMMEX program?
Why should you choose the IMMEX manufacturing program? As we told above, the main advantage is the low amount of tax. Here are some other perks that you will enjoy if you choose the IMMEX program.
* You don't need to pay General Import Tax for importing goods in Mexico.
* You will not have to pay the value-added tax (VAT).
* You don't have to pay the compensatory quotas to the Mexican government.
* The IMMEX program also features reduced customs fees.
* You don't have to pay the domestic tax for the goods that are bought from Mexico during the manufacturing process. This amount is added to the export of goods.
* You can enjoy virtual pedimentos among the companies that are registered under the IMMEX program. You can also create consolidated import pedimentos.
* You can also receive a value-added refund.
What are the requirements of the IMMEX program?
Companies must get approval to start manufacturing in the Mexico region. However, getting approval through the IMMEX program is not difficult. Companies need to fulfill these requirements to get approval from the IMMEX program.
* They should export 500,000 US dollars in one year.
* They should only import approved goods.
* They should strictly obey the terms and conditions of the IMMEX program.
* They should not use goods that are not approved.
* They should pay income tax.
* They should keep their goods in the registered addresses.
* If they want any change they should inform the Economy Secretary. The following changes should be informed in advance to the ES,
1-The legal name of the company
2-Tax ID or address of the company
3-Address of companies that are providing sub-maquila services
4-Custom law
* There is a time fixed for the import of the goods. All the goods should be imported to Mexico till the authorized time. The time limit of different companies are,
1-Textile goods should be imported within six months.
2-Chicken legs, corn, and powdered milk should be imported within 12 months.
3-Raw materials, combustibles, and the materials used in the packaging and labels of the exportation of goods should be imported within 18 months.
4-Trailers and vehicle equipment should be imported within 24 months.
5-Machinery, instruments, spare parts, research equipment, and many other supporting tools can be imported until the manufacturing program continues.
Peroration
The IMMEX program offers many facilities for foreign companies. Their approval requirements are not very tough. Manufacturing companies enjoy many perks by choosing the IMMEX program in Mexico. If you want to opt for this program, you should go through their terms and conditions thoroughly. You will surely don't regret choosing the IMMEX program.
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