By: MP Mexico News Staff
Press Release – (November 2008) -Tax Back is a revolutionary new company whose main objective is to promote purchases in stores and shopping centers affiliated with a network of places to shop in Mexico. These select retailers are usually visited by tourists and the affiliation with Tax Back gives them the benefit of a tax refund on most of their purchases made in Mexico.
How it works… The modus operandi of Tax Back is to be easy for tourists. Since VAT (Value Added Tax) can only be returned on products, visitors must fill out the Tax Reimbursement Form at any of the affiliated stores, Tax Back offices, or online. After acquiring the form, buyers can go to any of the Tax Back service modules at the airport. After providing this form and the documentation to support the purchases, a tax refund is issued.
The basic rules of operation the Mexican Secretary of Finance (SAT) provides for tax refunds are as follows:
– Purchases must be greater than $1,200.00 MX pesos including tax, and up to $3,000.00 MX pesos if paid in cash, or without limit if paid with a credit card.
– Buyers can also accumulate receipts from the same shop during a trip.
– Tax Reimbursement can be 50% in cash and 50% via a transfer to your debit, services or credit card. If the reimbursement exceeds more than $10,000 MX pesos, the transaction must be done via an electronic transfer) and this amount will be deposited 40 days after the presentation of the Tax Reimbursement Form.
– If the purchase of goods exceeds the amount of $5,000 MX pesos, Tax Back service executives will ask you to show the goods at the airport.
Tax Back, began operations last June and has a working capital of $1.5 million US dollars and human capital with extensive experience within the tourism industry. Led by its CEO, Hannan Zanzuri, and Country Director, Danielle van der Kwartel, they boast over 20 years of experience in tourism in Mexico and internationally.
When they launched operations, Tax Back had only 15 employees. Within only two months, the business has grown to have 42 on staff. Tax Back projects the company to grow to more than 150 people before the end of 2009.
Tax Back has offices in Mexico City and Los Cabos, and will begin returning VAT (Value Added Tax) to tourists as of the 15th of November, 2008. Service will begin in Cancun on the December 1, 2008. Tax Back has a major expansion plan and will kick off in Guadalajara and Puerto Vallarta beginning 2009. By the end of 2009, Tax Back will open seven more destinations: Monterrey, Cozumel, Merida, Loreto, Acapulco, Ixtapa and La Paz. For more information visit: www.taxback.com.mx.