© 2012 Galaz, Yamazaki, Ruiz Urquiza, S.C. January 2012 Tax Compliance Recent publications Héctor Silva Tax partner Deloitte, WMTA Breakfast/meeting.

Presentación del tema: "© 2012 Galaz, Yamazaki, Ruiz Urquiza, S.C. January 2012 Tax Compliance Recent publications Héctor Silva Tax partner Deloitte, WMTA Breakfast/meeting."— Transcripción de la presentación:

1 © 2012 Galaz, Yamazaki, Ruiz Urquiza, S.C. January 2012 Tax Compliance Recent publications Héctor Silva Tax partner Deloitte, WMTA Breakfast/meeting

2 New Rule I.2.8.3.1.5 for V5 Operations

3 © 2012 Galaz, Yamazaki, Ruiz Urquiza, S.C. 3 New Rule I.2.8.3.1.5 for V5 Operations Last December 28, 2011, rule I.2.8.3.1.5 of the Miscellaneous Tax Rules was modified to establish the minimum requirements of tax receipts issued by foreign residents without permanent establishment in Mexico, so that the acquirer of goods can deduct the purchase and credit the Value Added Tax (VAT). One of the situations that presented a particular problem in relation to these V5 operations, since no specific regulations were provided, was: A resident abroad (usually the parent of the maquiladora) sells on Mexican territory and its Certified IMMEX maquiladora company delivers in Mexico to a non-Maquila company. The maquiladora company delivers the inventory on behalf of the resident abroad, using a V5 pedimento. The V5 pedimento implied that the maquiladora had virtually exported the goods to the resident abroad, and simultaneously the client of the resident abroad would considered virtually imported. The client needs to pay VAT at the import and additionally, withheld VAT to the foreign company with no supporting documentation to credit this second VAT.

4 © 2012 Galaz, Yamazaki, Ruiz Urquiza, S.C. 4 New Rule I.2.8.3.1.5 for V5 Operations This new rule gives legal certainty to taxpayers on V5 operations, made by Certified IMMEX companies, requesting that the invoices contain at least the following items: Name or corporate name, address and, where applicable, tax identification number, or its equivalent, of the issuer. Place and date of issue. Tax identification number (RFC) of the client. The quantity, measure unit and kind of goods or merchandise, the service description or the leasing coverage. The unit value numerically recorded and the total value recorded numerically or written. If the invoice is issued for a leasing, it should contain the property’s tax account number or, where applicable, the real state certificate data. Where applicable, the requirements referred to in Article 29-A, Section VII of the Tax Code, regarding the manner of payment, in installments, in cash, check, wire transfer.

5 Extension to comply with additional requirements regarding Invoices

6 © 2012 Galaz, Yamazaki, Ruiz Urquiza, S.C. 6 Extension to comply with additional requirements regarding Invoices A period of grace is granted at the Miscellaneous Tax Rules, giving the taxpayers the possibility to continue issuing invoices until June 30, 2012, in the same way as they had done it in 2011. For these purposes, the taxpayer may issue the invoices without incorporating the following requirements: Its tax regime according the Income Tax Law. The measure unit. The identification of the individual’s vehicle, for those taxpayers under the Income Tax Regime for land transport, who chose to pay tax individually. The vehicle code number of the sold vehicle, for those taxpayers that manufacture, assembly or distribute new and imported cars to remain permanently in the northern border and in the states of Baja California, Baja California Sur and the partial region of Sonora.

7 © 2012 Galaz, Yamazaki, Ruiz Urquiza, S.C. 7 Extension to comply with additional requirements regarding Invoices In case of payment in installments, the number, date and the total amount of the invoice that would have been issued for the full value of the operation. The manner in which payment was made and the last four digits of account number or credit card, debit, services or so-called electronic purses. Furthermore, at the invoice, the issuer may establish in the fields related to its name, corporate name, fiscal address and customs for which the goods were imported, the expression "not applicable". Also, taxpayers that on January 1, 2012 still have paper printed invoices, may use them until December 31, 2012 or until the end of the validity of invoices, whichever comes first.

8 Electronic Key Signature Act

9 © 2012 Galaz, Yamazaki, Ruiz Urquiza, S.C. 9 Electronic Key Signature Act Published on January 11, 2012. In force as from May 2012 (120 working days from its publication in the official gazette. The President shall issue Regulatory dispositions within the following 180 working days. The electronic keys and digital seals issued before this Act is in force, will follow the dispositions regarding validity and reach accordingly the fiscal dispositions in force when they were issued. The electronic key will not only be valid before tax and foreign trade authorities, but it would also be valid for the rest of the government’s authorities. The electronic key will be valid for 4 years since its issuance

10 © 2012 Galaz, Yamazaki, Ruiz Urquiza, S.C. 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 www.deloitte.com/mx/conozcanos 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. Los aproximadamente 182,000 profesionales de la firma están comprometidos con la visión de ser el modelo de excelencia. 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 la pérdida que pueda sufrir cualquier persona que consulte esta publicación. Héctor Silva Tax partner +52 (664) 622 7840 hsilva@deloittemx.com