The transportation and logistics industry in Mexico requires secure warehousing & distribution servicesSuppliers, importers, and exporters in Mexico receive considerable amounts of goods. In terms of transportation logistics,  their supply chain distribution is comprised in small deliveries for an extended period.

However, at the time they face warehouse inventory control procedures such as customs, they face the dilemma: do they pay all taxes and fees at once?

For any international company, to pay immediately all taxes and fees considerably reduces liquidity. They are obliged to pay an extraordinary amount of money for products that are physically in Mexico, but they cannot distribute or charge for yet.

For this reason, the Mexican Government allowed for the creation of a custom bonded warehouse operated by private companies.  According to the Mexican Secretariat of Finance and Public Credit (SHCP), this allows “warehousing of goods of foreign or local origin in general deposits.”

What is bonded stock?

With this tax regime, international companies can choose to pay the particular set of taxes and fees for their products later, and store their products as long as they need, given they have an active contract for warehousing that they are currently paying for it.

Companies have several options:

  • To distribute part or the entire merchandise after taxes.
  • Return their goods abroad via internal transit.
  • Sell the products at the deposit.

How does bonded storage work?

 

bonded warehousing mexico

What kind of companies can offer bonded storage capacity?

In 2006, the Mexican Government issued a bill to promote the manufacturing, maquila products, and exports industry, known as the IMMEX program. The goal was to strengthen the exports industry and provide trust, accountability, and continuity of operations.

Among its benefits, IMMEX:

  • Makes warehouse inventory management procedures more precise and straightforward for imports and exports.
  • Allows the development of new business models.
  • Reduces logistics and administrative costs.
  • Provides more easy to use formalities and procedures.

 

What types of products apply to a customs bonded warehouse?

  • High Technology
  • Automotive
  • Consumer goods
  • Raw materials

 

Bonded storage has to be certified and authorized by the Mexican Government. The Mexican Secretariat for Economy can allow individual companies to run warehousing & distribution or third-party logistics services, for instance.

International trade under the IMMEX program generates nearly 240 billion dollars in exports a year, in addition to its additional sales of imports, according to the Mexican Chamber of Deputies.

However, even though IMMEX is a flagship trade development program in the country, it is important that companies who want to make the most of it choose bonded warehousing and freight transport suppliers and providers that are duly certified. In December 2016, the government announced it would adjust operations of non-compliant IMMEX to avoid any abuses, El Economista reports.

With these changes, the government will improve its control and authorization of goods and capacities.

“According to the Mexican Federal Government, the model of certified companies has worked in a correct and expedited fashion and has prompted the tax authority to keep a record of the companies who run foreign trade and get benefits in import and exports of goods,” El Economista reports.

Do you have further doubts or questions on bonded goods in Mexico?