Skip to Content

Mexico custom audits

September 3, 2013 Blog 1 min read

One major benefit of Mexico’s IMMEX program is the ability to temporarily import most fixed assets for the life of the IMMEX program without incurring value added taxes or import duties.  In addition, raw materials or subassemblies may be temporarily imported and receive the same benefits for a period not to exceed 18 months.  However, there are many compliance requirements including keeping an inventory system in accordance with the IMMEX rules, proper segregation of goods, and submitting all necessary customs paper work on a timely basis.  If the Company does not follow the compliance requirements for the assets temporarily imported under its IMMEX program, penalties may include a fine of up to 500 percent of the value of the goods.  Most recently, we have seen the Mexican Customs authorities are increasing their number of random audits.

Have you seen an increase in requests from customs authorities?  Is your company keeping up on the compliance requirements?

Related Thinking

Group of business professionals discussing downward attribution rules.
September 26, 2023

Multinationals can limit the effect of a pivotal tax rule repeal

In The News 5 min read
Business professionals walking around manufacturing facility.
Sept. 19, 2023

Inflation Reduction Act: Section 45X advanced manufacturing production credit

Webinar 1 hour watch
Business professionals in a modern conference room discussing Section 958.
September 19, 2023

Section 958: New downward attribution rules affect filing requirements

4 min read