Failing to get things right can result in Mexican Customs fines for maquiladora manufacturers.
The transmission of incorrect information related to merchandise value, as well as that related to sales by IMMEX registered companies can result in finds financial penalties of between eighteen and thirty thousand Mexican Pesos. These figures convert into close to US $1,400.00 and $2,300.00 respectively. Under Mexico’s New Customs Law sanctions will be levied on a “per incident” basis. Because of this Mexican customs professionals are recommending that companies participating in the maquiladora, or IMMEX, program take measures to prevent the occurrence of such errors, as they can be an insidious and silent source of avoidable negative financial impact on companies’ bottom lines.
According to Octavio de la Torre de Steffano, a tax lawyer for Mexico’s National Maquiladora Association, also known by its Spanish acronym INDEX, many times errors that result in Mexican Customs fines are “predictable, identical, constant, progressive and especially costly.” Additionally, “they happen automatically with each export transaction that companies conduct.” “In a majority of cases businesses do not realize that they are occurring.”
Paying Mexican Customs fines that are related to merchandise value and sales information is, in most instances, entirely avoidable. The key to doing so is to hire Mexico international trade professionals that are well- versed in the rules governing the VAT tax exemption on imported materials for IMMEX registered companies to make certain that all i’s are dotted, and that all ts are crossed. As an additional measure to ensure the avoidance of imposition of Mexican Customs fines, companies should dedicate the resources and time necessary to train individuals involved in the processing of relevant
De la Torre Steffano cautions companies to be alert to the first instance of receiving Mexican Customs fines related to the incorrect filing of information required by IMMEX. Identifying the source and nature of the fine, and making an immediate correction will prevent its potentially costly repetition.
Read the primary source for this post in its original Spanish at Radio Campestre.