Renewal: Qualified Maquiladora Approach Agreement
December, 2020
Certain changes were incorporated to the methodology applied for the rotation of accounts payable, as well as due to the recent health crisis in 2020, in order to define their correct treatment for this and the coming years On November 16th, 2020, the US Internal Revenue Service (IRS) published a release stating that, together with the Mexican Tax Administration Service (SAT), it had agreed to renew the Fast Track methodology (Qualified Maquiladora Approach Agreement) for 2019. The agreement provides greater certainty to Mexican maquiladora companies that applied for a APA (Advance Price Agreement), so as to known when to avoid double taxation.
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The new Federal Law on the Protection of Industrial Property (LFPPI) was published on July 1st, 2020, with the aim of harmonizing and adapting Mexican legislation on matters of intellectual property to the obligations assumed by our country according to the United States, Mexico, Canada Agreement (USMCA).
The close of the calendar year also means the close of the tax and financial year for most companies in Mexico. For this reason, the last few months are the most suitable for taking a pause and evaluating company position; above all, now that the year’s health crisis has to be taken into account, which may have a critical impact on results.
Last December 8th, 2020, a decree was published in the Federal Official Gazette (DOF), by means of which the provisions of the Income Tax Law(LISR), the Value Added Tax Law(LIVA) and the Federal Tax Code (CFF) were reformed, extended and repealed. Here are the most important amendments.
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