MEXICAN NEW LAW EXTENDED

Mexican New Law Given Extention

A few months ago, the Mexican Government announced a new regulation known as Mexican Foreign Trade’s Unique Portal, or Ventanilla Única de Comercio Exterior Mexicano (VUCEM). The first announcement was about the opening of the trial period from November 30, 2011 until January 1, 2012.  After the trial was successfully completed in January, another announcement was made giving all companies doing business in Mexico until March 1, 2012, to prepare their companies to file Comprobante de Valor Electrónico (COVE) via the VUCEM.   As many companies were frantically preparing for this enforcement date, the Mexican Government and the Mexican Confederation of Association of Customs Brokers (CAAAREM) issued a reprieve.  In a press release sent on February 23, 2012, the Arturo Rojas Rivas, Central Administrator of Competence and customs modernization, announced an extension until June 1, 2012 for the enforcement of the VUCEM. Today, the Mexican Tax Administration Authorities (SAT) announced this extension in a press release making this official.

According to a press release, the Mexican Government estimates that companies participating in VUCEM experience more than a 90% reduction in the time needed to manage Customs procedures.  Other added benefits include a decrease in the time it takes for Aduanas to clear cargo at the borders by 11%, thus allowing carriers to increase their operations by 50% and deliver goods in a more efficient manner.

 

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