New U.S.–Mexico Cross Border Corporate Tax Challenges

Tax compliance with Mexico has never been more challenging for U.S. corporations. The new flat tax (IETU), which replaced the Mexican fixed asset tax (IMPAC) as of Jan. 1, 2008, is expected to draw numerous constitutional attacks.

Meanwhile, Mexico's federal tax reform law of 2007 imposes new corporate taxes on cash deposits in Mexican banks and on cash received related to loans or capital contributions as of July 1, 2008. And, the U.S. state sales tax compliance aspects of Customs brokers' export certificates are prickly.

Corporate tax specialists for U.S. companies must stay current on how the latest tax laws in Mexico affect the cost of doing business there through corporations and partnerships, branch offices and maquiladora plants.

Listen as our panel of experienced tax counsel and CPAs analyzes the most recent, relevant developments in corporate and transactional taxes for doing business in Mexico.

Our panel included:

Edgar Lopez–Lena, Manager, RSM McGladrey, Schaumburg, Ill. He manages the firm's Mexican tax practice and previously worked in Mexico City and Monterrey with two international consulting firms. He has more than 13 years of experience in tax structuring and planning.

Abel Mejia Cosenza, Attorney, Procopio Cory Hargreaves & Savitch, San Diego. He is licensed to practice in Mexico and California and emphasizes international tax planning and related matters, particularly involving U.S.-Mexico business ventures.

Manuel Rajunov-Tawil, Partner, Thompson & Knight, Dallas. He focuses on international tax matters related to business expansions and M&A. He represents foreign investors doing business in Mexico and Latin American multi-national companies.

The panel discussed tax laws and accounting strategies on new laws and emerging developments including:

• The new flat tax: What goes into the tax base, and how can business taxpayers qualify for credits?
• The new tax on cash deposits: What it applies to, and how to obtain credits and offsets.
• The 2007 tax reform law: Key changes in the corporate income tax law and preferential tax regimes (REFIPRE).
• The 2007 maquiladora reorganization: Income and value-added tax implications.

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