Photo credit: SpaceX Rocket Manufacturing by Steve Jurvetson
IMMEX is an export incentive program set by Federal Government to grant benefits to manifacturers in Mexico for importing on a temporary basis, free of import tax (variable) and VAT (16% sales tax), the material, tools and machinery necessary to process, transform or repair export goods or rendering export services.
Today, Ministry of Economy (SE) published the black list. This is the list of companies that missed either of these obligations: Presenting the annual report with the operations made under IMMEX or missed their regular tax obligations.
Either way, SE has suspended such IMMEX Programs and they cannot apply the benefits until they are in good standing. Also, there is a deadline to comply or being removed from the Program: August 30, 2013.
IMMEX is a great edge for manufacturers in automotive, textile, food, electronics and others alike. However, if the Program is not taken care of properly, could be a mess for the holder of the Program, its clients and suppliers, because in IMMEX everyone in the chain is deeply linked. If a company part of the chain does not apply the IMMEX benefit, the other companies will not apply them either, resulting in paying at least 16% more for all materials.