Full definition
IMMEX (Industria Manufacturera, Maquiladora y de Servicios de Exportación) is a pivotal customs and tax program in Mexico that facilitates the operation of manufacturing companies focused on export activities. Established to replace the previous Maquiladora and PITEX programs, IMMEX allows businesses to temporarily import raw materials, components, machinery, and equipment without incurring import duties (IGI) or the 16% Value Added Tax (IVA). This provision significantly enhances the cost-effectiveness of manufacturing processes, as companies can avoid the 5-25% import duty on materials. The program aims to bolster Mexico's competitiveness in the global market by attracting foreign investment and promoting export-oriented manufacturing.
To qualify for the IMMEX program, companies must meet specific criteria, including an annual export volume of at least $500,000 USD or 10% of total sales. They are also required to maintain an IMMEX authorization from the Secretaria de Economia and must implement an inventory control system to track all temporary imports, as stipulated in Annex 24 of the General Foreign Trade Rules. This rigorous tracking is essential for compliance and ensures that all imported materials are used for manufacturing goods destined for export.
For suppliers of rubber sheets and power transmission products, the IMMEX program presents significant opportunities. Companies involved in manufacturing rubber products, such as gaskets, seals, and belts, benefit from the ability to import these materials duty-free. This not only reduces operational costs but also allows suppliers to offer competitive pricing to their clients who are engaged in export activities. Moreover, transactions with IMMEX companies may be structured as virtual exports/imports (pedimento virtual), streamlining the procurement process for domestic suppliers. Overall, the IMMEX program is a crucial element in fostering a robust manufacturing environment in Mexico and enhancing the country's export capabilities.