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Mexico - Electronic Reporting of Customs Information Mandatory from March 1

Recent modifications to Mexico’s foreign trade rules make it mandatory for export and import businesses to file information regarding customs transactions electronically.

 
 
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PRLog - Feb. 23, 2012 - (Sunnyvale, CA) – February 10, 2012 - Recent modifications to Mexico’s foreign trade rules make it mandatory for export and import businesses to file information regarding customs transactions electronically.

Starting March 1, 2012, export and import businesses in Mexico will not have the option of manually submitting customs information using paper forms.

Mexico has very detailed import/export declaration forms and is very strict about customs documentation and small mistakes can often result in excessive fines. Also, lack of prior notification of procedural changes and inconsistent interpretation of trade requirements at different ports of entry is a cause of major concern to exporters.

Customs Information Required for Electronic Reporting

The information that businesses need to include in the reporting system are:

* Customs documentation - date and place of issue
* Name and address of the receiver of the merchandise
* Details of the recipient and vendor
* The taxpayer identification number of the voucher issuer
* Identification number of the document
* Commercial description of the merchandise in detail
* The online reporting system has been open for importers and exporters since January 16, 2012.


About Nair & Co.
Nair & Co. provides you with your one touch outsourced finance, internal audit compliance, HR and legal department for your international operations. If you are expanding abroad for the first time, our turnkey solution will help you do so with minimal risk, stress and cost. We currently support more than 1000+ client operations in over 50 countries and have core offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among the top 100 outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP). Learn more at www.nair-co.com

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Source:Nair & Co.
Country:United States
Industry:Business
Tags:PR, press release, outsourced finance, Internal Audit Compliance, hr, Tax fillings, tax return, corporation tax, Expat Tax
Shortcut:prlog.org/11806562
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