Taxpayers that have been involved in certain maquila transactions were to withhold value added tax (VAT) when the goods were imported using a “V5” customs declaration. If VAT was not withheld, under then-applicable rules, the taxpayers could offset the amount of the VAT liability by using other tax overpayments. However, given changes to the rules and following the results of tax audits, taxpayers may want to consider revising their tax situations.
Read more: KPMG
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